In the last recession, the City of New York jacked up property tax rates by 18 percent. Later, Mayor Bloomberg elected to send homeowners a check for $400. Now Speaker Quinn wants to send renters a check as well. Meanwhile, the current four-year financial plan has the city spending $4 billion more than it takes in over the next two fiscal years (wiping out an existing surplus), and then facing a fiscal crisis. Ms. Quinn, if you are Mayor at that time, do you plan to increase property tax rates another 18 to 20 percent, perhaps to be followed by even bigger checks later in your term? Mr. Bloomberg, since that is what you have done, would you recommend that the next Mayor do the same? Should this process of higher rates and special handouts continue indefinately?
Room Eight is closed to new posts. The existing archive will remain up for the immediate future.
If you were a Room Eight writer and would like access to an export of your content, please contact the editor.
This site is not affiliated with or collaborating with any other news or opinion site.