Quinn Talks Affordable Housing, Taxes in State of City

Yesterday, City Council Speaker Christine Quinn gave her State of the City address, trying to set an optimistic tone, "We may be in the worst fiscal crisis in decades, but New Yorkers know better than anyone that no crisis has ever stopped our city from moving forward."

One idea she put forth: Creating more affordable housing by buying unsold condos and co-ops (Mayor Bloomberg supports it, too!). Quinn said, "Where developers have units they cannot sell, the city will negotiate the lowest possible price and make these homes affordable for middle-class families to rent or buy."

Quinn also brought up the "Millionaire's tax", which would create new tax brackets for those making more than $300,000 and drop personal income tax for households making less than $45,000/year. City Councilman James Oddo was unimpressed, telling NY1, "You can't get out of this problem by simply taxing rich people. You have to, for the long term, reduce city spending." And the Post has an editorial: "Thank goodness the City Council has no say in income-tax matters. All the damage in this regard must be done in Albany - where even more destructive measures are under consideration.")

Quinn brought up ways to lure the biotech industry here and other help to keep small businesses going. You can read the entire speech here (PDF)—and this year it was written by a staffer, not an outside consultant charging $12K.

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By Jen Chung in News on February 13, 2009 4:19 PM

Comments [rss]

JMH

The thing about luring biotech jobs to the city reminds me of my favorite ever Overheard In New York posting.

Snoopy

Where did the city find all this money to start buying up condos? Lets say your average condo was reduced to $750,000 and there are 10,000 condos out there looking for a buyer. That is $7,500,000,000. Go buy them Bloomberg and then resell them to your average family. They wouldn't be able to afford them until they dropped down to $75,000 a piece.

And why would a developer sell them to the city rather than your average schmo walking the streets?

Future Taliban

"Quinn brought up ways to lure the biotech industry here"

Great more three-legged children being born in NY. We needed more freaks anyway.

PTG in nyc

TKaisen, the problem mostly lies with condos, not co-ops. Co-ops are stricter and perhaps more open to your ridicule, but their business model also supports a more stable financial and legal framework that does not leave these self-owned institutions as screwed as condo developers.

Being that almost every new expensive development project has been built as a condo, they are the ones in trouble and they are the ones with business models that do not have strict enough legal and financial protections in place. Certainly if the recent building boom was all co-ops, they'd be screwed too, but we're dealing with mostly condos that happen to be in positions that co-ops are designed to never find themselves in.

I resent the idea that my hard-earned 400 square foot co-op apartment might decrease in value as city politicians bail out condo developers who were greedy in nature when putting their plans together. I also resent that people with housing subsidies might end up living in fancy new condo buildings while I'm stuck in my old, dingy building getting bailed out by no one.

I too hated the notion of co-ops until I dug deeper and learned how much more responsible their business models are and how much less likely they are to end up in dire straights like condos now are.

Yes, some co-op boards exist so that people who won't win political elections like the esteemed Ms. Quinn did can still wield power and feel important, but the one I live in is made up of responsible people thinking of the most responsible ways to work through difficult times, all the while not being exposed to as much risk as condos are.

TKaisen

Creating more affordable housing by buying unsold condos and co-ops (Mayor Bloomberg supports it, too!).

Awesome. Why would we the real estate market to come down to where it should be? Prop it back up to keep more people who are neither poor or rich from affording anything. Although -- almost worth it to see the co-op snobs suddenly have to deal with poor people who didn't have to pass their screening.

The city's government sucks.

whitecastlerock

The city needs nurses too!!! But several hospitals are on the verge of closing...

fugothamist

in this market there is NO reason for govt interference, market conditions themselves will make these units affordable, w/o some scumbag govt offcial determing who can/can't get them

this is nothing but a taxpayer funded bailout for developers (you know the city will overpay) combined with more social engineering bullshit where dirtbags like Quinn determine who "qualifies" for this housing

Hawk

"cool" wrote "there must be a stupidity requirement for politicians.

Why would the city buy "unsold" apartments in order to sell to middle-class families?"

Hey "cool" you misunderstand what is really going on. The politicians are conning us into thinking they are doing us citizens a favor. They are not. They are helping the rich real estate developers who can't sell their properties in this market. The government should stay out of this. When the developers reduce the price enough their properties will sell. So, the idea that government needs to buy these properties and then sell them is completely unnecessary. This is a scam by crooked politicians to help the rich plain and simple.

FelixtheCat & Christine Quinn'

Hawk, how else will Quinn buy the election? Crooked is as Crooked does

FelixtheCat & Christine Quinn'

http://www.thechristinequinn.com/

Use this picture next time please. I feel better now.

cool

there must be a stupidity requirement for politicians.

Why would the city buy "unsold" apartments in order to sell to middle-class families?

FelixtheCat & Christine Quinn'

Yes, it is stupid, it sort of bailing out these developers. the market will bring down the costs anyhow.

PTG in nyc

NYC is sooooooo expensive. Taxing people that make more than $300k is BS, it should be for incomes over $1 million

whitecastlerock

This speech made me laugh. These idiots really don't have a clue-they keep talking in circles. We are so fucked.

FelixtheCat & Christine Quinn'

Noooooooooo, not her picture again. I need my guy for tonight and after looking at her face, he is down for the count. why gothamist?