Gov. Cuomo is pushing laborious to provide the MTA the best to seize a number of the metropolis’s property-tax take — as thuggish an assault on dwelling rule as New York has seen in dwelling reminiscence.
The scheme would let the Transit Authority declare a “transportation-improvement district” inside a mile of one in every of its initiatives and acquire as much as three quarters of the realm’s subsequent enhance in property-tax funds — all with out the Metropolis Council’s OK.
This “worth seize” instrument has its place: Mayor Mike Bloomberg used it to get the No. 7 prepare prolonged to Hudson Yards. However that concerned capturing taxes from an space that had been totally undeveloped and wouldn’t have a lot enchantment with out mass-transit entry.
And, once more, that was a city-MTA settlement.
In that mild, town has already dedicated $600 million in value-capture funds to the MTA’s capital plan.
Nevertheless a lot Cuomo desires money to fund work on a transit system he’d uncared for till final 12 months, merely grabbing it’s totally flawed.
Plus, as Nicole Gelinas and Carl Weisbrod famous in Monday’s Publish, utilizing this instrument as a sledgehammer causes enormous injustices.
Notably, the gov desires to seize tax funds from the Grand Central space to assist pay for the insanely over-budget $10.2 billion East Facet Entry venture. Huh? The largest advantages from that movement to Lengthy Island — but Cuomo isn’t trying to seize tax revenues there.
Gelinas and Weisbrod additionally confirmed that, Cuomo’s model of value-capture can be more likely to take excess of any MTA justifiable share of the tax take — and so is more likely to drive up town’s property-tax charges.
No, no, no, no. It’s the Legislature’s clear obligation to nix this insanity.