On Monday, January 6, New York Governor Andrew Cuomo held a press conference in Albany to announce his plans for more than $2 billion in tax relief for New York. According to the NYU Furman Center for Real Estate and Urban Policy, 31% of New York City residents are severely rent burdened, meaning that they spend more than 50% of their incomes on rent. Aiming to boost the state’s economy by easing the tax burden for residents, the Governor stated that his plans include instituting a 2-year freeze on property taxes and a refundable personal income tax credit for New York renters who make less than $100,000 per year. In addition, Governor Cuomo proposed a property tax “circuit breaker” which would provide tax relief to those whose property taxes represent a large proportion of their income.
AAFE Executive Director Christopher Kui attended the event in Albany to celebrate the monumental announcement. Mr. Kui stated, “While the State has long recognized the burden that property taxes impose on middle class families and those trying to join the middle class, most renters have been unable to seek relief. The lack of affordable rental housing in New York is a crisis demanding innovative, progressive solutions, such as the tax credits proposed by the Governor. Thankfully, under Governor Cuomo’s proposal, these struggling New Yorkers will find it a little easier to make ends meet.”