Important note: Information in this article was accurate in 2008. The state of the art may have changed since the publication date.
The New York Times - July 7, 2008
Traditionally, New York mayors propose cuts needed to balance the budget as required by law, and then the City Council fights to restore funds to education, health and other social programs. Not this year. With the fiscal picture worsening as revenues falter, the Council drew a narrow line in the sand over education and little else, finding some $129 million for the schools.
That is welcome. But what the Council members refused to do is far more important. Eager to save their own political skins before the 2009 election (more than 20 of the 51 members are already preparing to run), they rejected Mayor Michael BloombergÆs call to rescind the 7 percent property tax cut. That alone would have raised $1.2 billion. They could have generated $200 million simply by cutting in half the yearly $400 property tax rebate.
Even with these breaks taken away, owners of single-family homes would still pay taxes at a lower rate than their counterparts in surrounding communities.
Instead, lawmakers called on Mr. Bloomberg to loosen his grip on a surplus of more than $4.6 billion. The mayor did the fiscally sound thing; with the city almost certainly headed for several years of hard times, he committed the money to pay down a portion of future budget shortfalls and obligations that continue to grow. The recently settled police officersÆ contract may cost the city $1 billion in raises. Council members even suggested a new hotel tax, which makes little sense for a city that should be encouraging even more visitors to come and spend.
The property tax breaks were supposed to be temporary, there to be lifted when New York needed them, like now. The cityÆs politicians chose to protect themselves rather than New YorkÆs most vulnerable. That was the wrong choice.
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