Tax abatements were given to those who would buy up decaying housingstock (low-cost apartments for low-income people) and refurbish it for amore affluent clientele.
I wonder where the first apartment that fell victim to the J-51 program was.
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- Feb 2025
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In theory it offers tax abatement to projects that would not be realizedwithout such assistance. In point of fact the Board also hands out millionsof dollars to some of the largest corporations and well-connected cam-paign contributors. Subsidies to developers typically go to projects in theWall Street and midtown areas that would be completed without suchgifts.
What in God’s name was the point of giving money to people who didn’t need the money? Was there monetary benefit for the head of the Board to give money to these people? Was it just to make connections and create relationships of mutual benefit?
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