While the biggest names in the industry continue to love Liar’s Ball, the power of the real estate lobby continues to wane and disappoint. For the second year in a row, Governor Andrew Cuomo and Mayor Bill de Blasio snubbed the REBNY gala, which is reflective of the political climate we find ourselves in. Other no-shows included Council Speaker Corey Johnson, Attorney General Letitia James, and city Comptroller Scott Stringer.
- Schumer is the exception: Senate minority leader Chuck Schumer spoke at the event and said that if he becomes majority leader, he will restore the full deduction of state and local taxes and get the Gateway project built.
- Split screen: New York is facing a $6.1 billion budget deficit, but Governor Cuomo said new revenue streams are not on the table (i.e no pied-à-terre tax). The Governor called for the revival of a panel tasked with reforming the state’s Medicaid program and freezing spending on local assistance programs, TRD reported.
- Be Smart: Real-estate taxes already make up 53% of all city tax revenue, including $28 billion in property taxes, REBNY noted in the WSJ.