Bloomberg Tax
June 1, 2022, 4:52 PMUpdated: June 1, 2022, 8:28 PM

New York’s $1.7 Billion Developer Tax Break Set to Expire (1)

Donna Borak
Donna Borak
Senior Reporter
Keshia Clukey
Keshia Clukey

Lawmakers in the state capital are poised to allow a lucrative $1.7 billion New York City property tax break to sunset, leaving developers in limbo on rental housing projects and skirting one of the few legislative efforts to reform the city’s arcane property tax system.

New York state lawmakers hustled to finish a swath of legislative packages, from gun laws to reproductive rights, but steered clear of renewing the controversial property tax subsidy for the real estate industry as legislators eye bids for re-election this fall.

“There is no bill,” state Sen. Liz Krueger (D), who chairs the Senate Finance ...

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