Governors Andrew Cuomo and Phil Murphy of New York and New Jersey, respectively, are blaming the 2017 change in federal tax law for the states’ tax revenue declines. They are particularly upset over the provision in the tax overhaul that placed a cap on state and local tax (or SALT) deductions at $10,000. As a consequence of this change, many high-earners have changes their official residences to states with lower taxes so that they can deduct the entirety of their local property taxes. New York claims that the change cost the state $2.3 billion in revenue.
“SALT was an economic civil war,” Mr. Cuomo said yesterday at an event with the director of the New York State Division of the Budget, Robert Mujica. “It literally restructured the economy to help red states at the cost of blue states.”
The Wall Street Journal has more.
The number of evictions in New York City fell by 14 percent last year when compared the number of evictions in 2017. Since 2014, the number of evictions in the city has declined by 37 percent. The de Blasio administration claims that the drop is largely due to the city’s Right to Counsel program, which was initiated that same year.
The Right to Counsel program provides tenants with free legal representation in Housing Court. In 2013, the year before the program began, the percentage of tenants facing eviction who had a lawyer was 1 percent. As of last year, approximately 30 percent had a lawyer. By 2022, once the program has been fully implemented, the administration hopes all 400,000 people facing eviction each year will have access to an attorney.
Crain’s New York has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Today marks first day of the Chinese Lunar New Year, the magnetic north pole is moving toward Siberia, London’s luxury home market is faltering due to uncertainties surrounding Brexit, and President Donald Trump’s announcement that he would like to keep American troops based in Iraq to “watch Iran” was severely criticized by Iraqis. The Trump administration has chosen David Malpass to become the next president of the World Bank, special investigator Robert Mueller is now investigating President Trump’s inaugural committee to see if any foreign governments illegally donated to the organization, and the president will give his State of the Union Address later tonight. Research shows that the U.S. economy has bifurcated, allowing well-paid professionals to enjoy higher wages and increased mobility, while those in the manufacturing and service industries struggle in low-paying and precarious jobs that offer limited opportunities for advancement. Stronger-than-expected earnings reports are pushing U.S. stocks up, some analysts are worried that this period of limited volatility will be shorter than expected, and New York City ranks first in a global index of top tech cities. Preservationists are threatening to sue the city if it moves forward with its plan to repair a piece of highway so that it doesn’t collapse and kill people, Sen. Michael Gianaris (D. – Dist. 12) is vowing to fight the Amazon deal that would allow the tech giant to move into a campus in the Queens neighborhood of Long Island City and receive generous incentives from the state, the state has created a new portal (NYS Rent Connect) that is described as “a one-stop shop for tenants of rent-regulated apartments (and their landlords),” a wayward goose caused delays on the Q train yesterday, and a truck smashed into a building in Greenpoint early this morning while trying to avoid a cat in the street.
A team of researchers at UC Berkeley have created a “replicator,” women’s brains retain a greater deal of plasticity than men’s brains as they age, a cryptocurrency company can’t access $200 million because its CEO recently passed away and he was the sole individual who knew the password, wildlife biologists in Albany will use pyrotechnics and spotlights to frighten and disperse roosts of crows, and an Australian man is facing intense criticism after he used a dead shark as a bong.