City Council Speaker Christine Quinn is at it again, trying to enact a renters' rebate. The legislation would give three hundred bucks to people that rent and make less than $43,000 a year and a $75,000 cap to families. Unfortunately for her the bill did not make it through last time she tried.
From The NY Post:
February 13, 2008 -- Renters in the city would get a $300 tax credit under a plan unveiled yesterday by Council Speaker Christine Quinn.
In her State of the City speech, Quinn (D-Manhattan), who plans to run for mayor in 2009, vowed to continue fighting for the $261 million program, which she first proposed - and didn't get - last year.
"This year, to help ease the squeeze on working families who don't own their own homes, we'll continue our push to pass a renters tax credit," she said.
As her mayoral campaign gears up for next year, expect to hear more talk about this rebate. I also think $300 is a nice little chunk of change for lower to middle class renters in the city, coming from the city that is. The only problem is that like the Federal Government's rebate coming this May, it is only a band-aid for those in financial need and not a long-term fix. These proposals make great sound bites, but what we need is policy that can fix the macro problems of NYC real estate, by making people equal to the real estate lobby that dominates local politics.
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