This week in NY corporate giveaway news:
- We joined a press conference with Senators Skoufis and Ryan to highlight a consultant report for the State Department of Tax and Finance confirming that many of NY’s biggest corporate subsidies are a bad deal for taxpayers. Read coverage in Gothamist, Crain’s, and City & State.
- We also submitted written testimony weighing in on subsidies for the Legislature’s hearings on housing and taxes.
- NY’s $4-million-per-job Subsidy Hall of Famer, the Albany-based Plug Power, is planning layoffs as it seeks a $1.6 billion federal loan (Times Union). The company has been teetering on the edge of collapse since last year.
- In The Conversation, four academics examine what subsidies have cost schools across the country, including in New York.
- NY Focus details the Ulster County IDA’s internal debate about housing subsidies.
- An Onondaga County IDA proposal to provide tax breaks for new housing is getting pushback (Syracuse Post-Standard). Most IDA tax breaks fund market-rate housing, not affordable housing.
- NYC Mayor Eric Adams is considering property tax breaks for “middle-class” co-op and condo to owners to offset the costs of implementing the green mandate Local Law 97 (NY Post).
- Governor Hochul provided a “synthetic 421-a” tax break to 18 apartment buildings in Gowanus (The Real Deal). Community Service Society has shown how 421-a-style tax giveaways fail to build enough affordable housing.
- A new analysis from ATTOM found that Opportunity Zone home prices mostly tracked non-OZ home prices.
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