Why New York City needs a property-tax holiday

Source: New York Post - View Original Article
Published: Apr 29, 2020
Category:
Bias Rating:

53% Liberal


Bias Score Calculation:


Policies:

Taxes

Sentiments

98% "The point of Congress approving extraordinary unemployment benefits is so most people can pay most bills, avoiding broader economic collapse.""
97% "Lee rents to two restaurants, including one world-famous Chinese restaurant, in operation for five decades.""
93% "State Sens. Michael Gianaris and Julia Salazar are pushing such a movement.""
87% "He told me. '""
86% "Will commuters be back to support retail?""
84% "When will borders open, bringing tourists?""
78% "Come July, does Gotham expect to collect taxes from landlords whose income is plummeting?""
77% "I sympathize with our tenants, says Joyce Holland, who manages small properties in Manhattan and Brooklyn.""
75% "Even if the city starts to open mid-May, retail and restaurant owners will face huge challenges: Will customers sit close to strangers?""
72% "April came, Lee said.""

We have listed the top 10 sentiments. More sentiments do exist. Please review the full article for more information.



*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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Contributing sentiments towards policy:

98% : The point of Congress approving extraordinary unemployment benefits is so most people can pay most bills, avoiding broader economic collapse.
97% : Lee rents to two restaurants, including one world-famous Chinese restaurant, in operation for five decades.
93% : State Sens. Michael Gianaris and Julia Salazar are pushing such a movement.
87% : "He told me. '
86% : Will commuters be back to support retail?
84% : When will borders open, bringing tourists?
78% : Come July, does Gotham expect to collect taxes from landlords whose income is plummeting?
77% : "I sympathize with our tenants," says Joyce Holland, who manages small properties in Manhattan and Brooklyn.
75% : Even if the city starts to open mid-May, retail and restaurant owners will face huge challenges: Will customers sit close to strangers?
72% : "April came," Lee said.
70% : If things aren't better next year, the city and owners will have to revisit the process, and property bills must start to come down, anyway, as the city revises values downward.
67% : Longer-term, the city faces grave uncertainty:
63% : Especially owners with modest, rent-stabilized portfolios, who need the commercial income to subsidize apartments.
63% : A botched recovery will harm the value of that property, as would-be New Yorkers shun badly managed density. Even after six weeks, the mayor still can't figure out ways for New Yorkers to exercise on open streets, or how to help the homeless who have taken over subways -- not good signs for future revenues.
62% : Meanwhile, the city charges loan-shark interest to late payers: 7 to 18 percent, compounded daily.
62% : With state approval for this aid, though, the city could borrow against next year's resumption of revenues, through a new Federal Reserve program.
61% : City Hall should set up a deferral program for owners who demonstrate hardship, as downtown Councilwoman Margaret Chin suggested Friday.
54% : The city's $93.5 billion budget is based on trickle-up economics.
54% : Jan Lee, whose family has owned tenement property in Chinatown for generations, rents to rent-stabilized residential and market-rate commercial tenants.
54% : She's willing to be flexible with one tenant who may need to break her lease and with those who have lost income.
52% : Property owners benefit, as activity pushes up the value of their investments; in turn, they pay taxes.
52% : If the city is draconian, smaller owners will bounce, as they did in the 1970s.
51% : Attempts at delivery-only have failed, as workers have a hard time getting into Manhattan, and commercial food-supply chains are breaking down.
49% : People make money and spend it on apartment rent, as well as at stores, restaurants, hair salons.
47% : His 22 residential tenants paid the April rent, but "May is going to be a very tough month."
43% : I am not able to pay.' 
42% : But the rhetoric doesn't help.
41% : But small owners are expected to come up with cash, well over $50,000, even for modest properties.
38% : Officials should also stop implying that residents don't have to pay rent.
37% : "It doesn't behoove me to chase a restaurant out," Lee says.
35% : Yet the city is silent on a looming issue:
33% : Again, if next year isn't better, everyone will have to deal -- but it won't help recovery to squeeze cash owners don't have.
30% : Sign up for our special edition newsletter to get a daily update on the coronavirus pandemic. Mayor Bill de Blasio and the City Council support rent moratoriums for tenants impacted by COVID, and stores and restaurants with no income have already stopped paying rent.
30% : "Owners should not, when they roll up the gate, be met with bills," says Lee.
27% : Tax payments would be delayed, not canceled, with owners resuming payments next year, in installments, with no interest.
27% : "The city doesn't have any money," one city official said of this idea last week.
26% : And commercial tenants aren't paying.
26% : " Neither restaurant is paying.
25% : But "income ... is needed to run the property."
25% : At $30.1 billion annually, the property tax is its biggest tax.
22% : Many owners won't be able to meet the July 1 due date.
16% : "No one is going to fill a 2,000-foot space.
11% : "The number one cost is going to be property taxes, 25 to 35 percent of gross rent roll," says another owner, Joanna Wong.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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