Subsidy Sheet: NYC hands out $100 million for office tower renovations


This week in NY corporate giveaway news:

  • NYC gave two Manhattan office buildings $100 million in tax breaks to make renovations – despite a huge glut of office space as post-COVID work-from-home norms reduce business demand in the heart of NYC (The City).
  • The Newsday editorial board writes that Suffolk County’s IDA is poised to give $7 million in tax breaks to Canon USA even though a 2013 giveaway of about $100 million was followed by a decrease in jobs. The headquarters are currently located in Melville.
  • We did not spot any massive new corporate handout boondoggles in the Governor’s budget, though the hangover from last year’s subsidy gluttony (film/TV tax credit, Green CHIPS, etc.) will be pulverizing NY taxpayers for years to come. Let us know if we missed anything. 
  • Opinion: The two worst Best Picture nominees, “Maestro” and “Past Lives,” both received NYS film/TV tax credits (Crain’s). As an alternative, Subsidy Sheet recommends “The Zone of Interest.”

If you got this from a friend, sign up here. Please send questions and tips to tom [at] reinventalbany [dot] org. We look forward to hearing from you!