A Tax Break for Renters in New York?

It’s unclear if this could become an idea to help renters in San Francisco, but housing experts say that New York Governor Andrew Cuomo’s idea to give New York renters a tax break would be a small step in equalizing the tax break offered to homeowners, according to a story in today’s NY Times.

As part of his sweeping package of tax cuts announced this week, the governor is proposing a new tax break for tenants making less than $100,000 a year. Nearly 80 percent of the 3.3 million renter households in New York State would benefit, saving more than $400 million a year, state officials said.

READ THE WHOLE STORY HERE.

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5 Comments

  1. C. Russo

    What a brilliant way to stimulate the local economy. Give the tax breaks to the people who would spend it locally, not to the one-percenters who’d sit on it or off-shore it.

    • John

      Except that there is already a tax break for renters on the CA state tax return.

      We’re already doing this!

  2. John

    The article mentions that such tax breaks would be means-tested. That is obviously appropriate because many NYC renters are wealthy by anyone’s standards.

    But you also should have mentioned that NYC’s rent control (called rent stabilization) is also means-tested.

    A popular compromize for SF could be a means-tested tax break like this married with means-testing of rent control.

    Such breaks and subsidies should be helping the poor, and not the affluent and selfish.

  3. David

    San Francisco would need to implement an income tax first. We have no breaks to give. Good luck with that.

    • John

      The city is prevented by State law from having a city income tax.

      If the city could have imposed one, they surely would have done. Thankfully, they cannot.

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