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De Blasio has announced that he will tax empty plot landholders. Basically, those who buy empty lots and hold on to them (hoping prices will appreciate ) will see their tax rates go up considerably. De Blasio is doing this to force them to develop or sell to someone who will develop. The theory is, speculators harm neighborhood's real estate value by having ugly empty lots that attract criminals, garbage and vermin.
Mr. de Blasio will propose the scheme, but as it requires consent from Albany the thing is far from a done deal. New York City cannot change it's property tax structure without consent from upstate, and that is all there is to the matter.
Personally since a bulk of these vacant lots are in Staten Island will pray each night the daft scheme dies a quick and painless death. The Island has more traffic and density than it can handle already.
It's funny how every compaign promise de Blasio has made involves him getting approval from Albany to take effect. At the end of they day he can tell his voters, he tried but Albany said no and they will vote for him again.
Mr. de Blasio will propose the scheme, but as it requires consent from Albany the thing is far from a done deal. New York City cannot change it's property tax structure without consent from upstate, and that is all there is to the matter.
Personally since a bulk of these vacant lots are in Staten Island will pray each night the daft scheme dies a quick and painless death. The Island has more traffic and density than it can handle already.
The story indicates this was already done in Harlem so that all vacant lots in Manhattan are now assessed at "commercial" values.So,this proposal is really about bringing the other 4 boroughs in line.......or not. if Manhattan vacant lots are already taxed differently maybe they could do it for The Bronx,Queens and Brooklyn but leave SI as it is since there is not as much demand for housing there.
When they reassessed upper Manhattan a few years ago it got the Governor's support and consent in Albany so it seems anything could happen.
De Blasio has announced that he will tax empty plot landholders. Basically, those who buy empty lots and hold on to them (hoping prices will appreciate ) will see their tax rates go up considerably. De Blasio is doing this to force them to develop or sell to someone who will develop. The theory is, speculators harm neighborhood's real estate value by having ugly empty lots that attract criminals, garbage and vermin.
It is also meant to force development of residential housing to lower rents....in theory anyway.
Maybe after the tax is in place and the speculators no longer have a market to sell their properties, the city can step in and purchase them at a nice low liquidation sale price and build some towering 20 plus story red brick matching apartment buildings with some green space in between. Also throw in a basketball court and a little playground right in the middle and everyone can live happily.
Maybe after the tax is in place and the speculators no longer have a market to sell their properties, the city can step in and purchase them at a nice low liquidation sale price and build some towering 20 plus story red brick matching apartment buildings with some green space in between. Also throw in a basketball court and a little playground right in the middle and everyone can live happily.
What you just described sounds exactly like the Projects...lol
Maybe after the tax is in place and the speculators no longer have a market to sell their properties, the city can step in and purchase them at a nice low liquidation sale price and build some towering 20 plus story red brick matching apartment buildings with some green space in between. Also throw in a basketball court and a little playground right in the middle and everyone can live happily.
What you describe actually sounds like the Hampton Houses, Mitchell-Lama originally, next to the St. Nicholas Houses and just as bad or worse. Began well in theory, went downhill with astonishing rapidity and have remained there in spite of the recent $2,500 price tags for the "gut rehab" units.
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