Statement by Real Estate Board of New York President John H. Banks on the New York State Budget

“As a result of the State budget just adopted in Albany, hundreds of millions of dollars on an annual basis will flow from the City’s real estate sector toward supporting the region’s mass transit network.  It is now critically important that such funds be deployed in the most effective manner possible, producing a twenty-first century mass transit system that a global city like New York deserves.  We also need to continue to monitor the impact these tax changes and other tax and policy changes on the federal, state and city level will have on investment in New York City moving forward. We are appreciative that State leaders did not move forward with a misguided recurring pied-a-terre tax that was not well-thought out and had the potential to have significant adverse impacts on job creation and property taxes.” 

– John H. Banks, President, Real Estate Board of New York