It’s been less than two months since Governor Cuomo’s Fix NYC panel unveiled a congestion pricing plan that would help fund dire upgrades to the state-controlled subway system, but instead of leaning into that proposal, Cuomo has decided to throw his support behind a different means of accruing capital.
Draft legislation obtained by Politico shows that the Cuomo administration is working on a value capture plan that would tax building owners whose properties increase in value as a result of being near transit. Those funds would then be funneled back into infrastructure improvements.
This isn’t the first time the Cuomo administration has brought up value capture; it also appeared in a preliminary plan from the state in January. The draft legislation that is being proposed now has been lightly tweaked, but is “effectively the same thing,” says Dean Fuleihan, New York City’s first deputy mayor.
The practice has…
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