STATEMENT
PARTNERSHIP FOR NEW YORK CITY
New York, New York
May 24, 2011
Statement from Kathryn Wylde, President & CEO of the Partnership for New York City, on the New York State Property Tax Cap Plan
“The property tax cap plan released today by the Assembly is very much in line with the plan developed by the Governor and adopted by the Senate, suggesting that there should be quick agreement on this key piece of the Governor's fiscal responsibility agenda. The bill provides for a no nonsense cap with limited exceptions that are well within the framework of reform that the business community has been calling for.
“New York City residents may think that the property tax cap does not directly affect them, but they are wrong. Skyrocketing property taxes are crushing the economies of suburban and upstate New York, leaving New York City with a disproportionate burden for producing tax revenues and economic activity to support the state. In addition, more than seventy large companies that are members of the Partnership and major employers in New York maintain operations in other parts of the state, where property taxes are a huge factor in the cost burden on business.”
About the Partnership for New York City
The Partnership for New York City’s mission is to engage the business community in efforts to advance the economy of New York City and maintain the city’s position as the center of world commerce, finance and innovation. Through the New York City Investment Fund, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation. Partnership companies account for nearly 7 million American jobs and contribute over $740 billion to the national GDP.