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City Apologizes For Insane Property Value Increases
By
Christopher Robbins
Published May 3, 2011
Modified May 3, 2011
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By
Christopher Robbins
Published May 3, 2011
Modified May 3, 2011
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Finance Commissioner David Frankel admitted yesterday that mistakes were made when his office miscalculated the city's condo and co-op property values to reap increased tax revenue, according to The Post. Frankel's office initially increased the value of some homes, like Queens State Senator Toby Stavisky's, by as much as 147% from 2010 to 2011. Housing bubble, schmousing bubble. Didn't you guys get your complimentary Infinity Pool after the bailout?
Facing a "growing taxpayer revolt," Frankel finally agreed to cap increases on condos and co-ops at 50%, which results in a 10% net increase of property taxes. Sen. Starvisky angrily fired back, saying that's "like saying you don't have to drink a full cup of arsenic, you only have to drink a half cup," but her voice was drowned out by the blasting of her Brazilian mahogany-lined home theater speakers. Frankel did concede that "we could have done a much better job at outreach," but perhaps more tact is needed when trying to raise revenue. Doesn't he remember the scheme in Superman 3?
Tagged
co-ops
condos
David Frankel
housing bubble
mistakes
property taxes
queens
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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