A full 57 percent of the assessed value of land within the five boroughs currently goes untaxed or partially taxed—amounting to more than $7 billion a year in lost city revenue.Look who are the lucky ones
tax laws allow a university or hospital to buy residential buildings and turn them into tax-free housing for their staff. "The people getting subsidized housing are well-paid doctors, nurses, and faculty members, rather than working stiffs," [Bonnie Brower of City Project] says. "If the universities and hospitals want to subsidize housing for their people, that's fabulous, let them do it. Do not take it from the taxpayers."
New York City thinks it's rather "progressive" with this sort of tax policy.Village Voice
