The Real Estate Board of New York to The New York City Council Finance Committee on T2021-7682 and T2021-7683

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Property taxes in New York City impose a significant burden on businesses and residents alike, and this burden has increased substantially since Mayor de Blasio took office. Reducing the costs imposed by this system is one of the ways that we can better support New York City business and residents, particularly as our economy continues to recover from the COVID-19 pandemic.

Indeed, the economic damage caused by the COVID-19 pandemic requires policymakers to take more aggressive steps to help support our economic recovery. To this end, while the legislation under consideration at this hearing is important and deserves support, REBNY encourages the City Council and other policymakers to take much more aggressive steps to provide meaningful property tax relief that will help our City recover.