Election day was still in the future when some of New York’s top real estate developers gathered for the annual “We Are the Golden Apple” panel at NYU Schack’s Capital Markets in Real Estate conference last week.
But the panelists were ready to trust the polling numbers and assume that Bill de Blasio will become the next mayor of New York — and they said they were confident that de Blasio, expected to be a liberal mayor, would not stand in the way of development.
In an interview on election day, Heidi Learner, chief economist at Studley, said that tax policy was a big difference between de Blasio and his opponent, Joe Lhota. The Republican is in favor of phasing out the commercial rent tax charged to tenants south of 96th Street who pay rent in excess of $250,000.
“Right off the bat — eliminating that would be a form of relief for any tenant in the city and would preserve the status quo,” Learner said.
The economist added that Lhota has spoken at length about reforming general corporate tax. “It’s interesting, because most states have general corporate tax that taxes income or capital. New York City imposes corporate tax that essentially taxes income or business investment capital. The status there is that it’s an undue burden to startups or small business that have a lot of capital at stake.”Industry leaders throw weight behind DeBlasio to keep building New York
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