How the Billionaire Who Bought $90 Million NYC Penthouse Will Get $210,000 Tax Break Meant for Low Income Housing
Saturday, 13 October 2012 09:20
Posted by David Icke
'The billionaire owner of a $90 million condominium at a new luxury Manhattan building could only have to pay an estimated $20,000 in property taxes - a far cry from the $230,000 the city is owed.
The staggering tax break for residents of One57, a stunning 95 story residential building under construction on West 57th Street, is intended for property developers who designate 20 per cent of their units to low income families.
Though the building could reap the benefit of the city's housing program, the low income renters won't be housed in the posh building and instead will be placed in subsidized units in the outer boroughs of New York City.'
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