Good Idea or Bad Idea? A Cap on NYC Tax Increases

Capital reported that "Lanza, along with Senator Diane Savino, a Democrat who represents part of Staten Island, said some of their constituents have had their homes appraised at higher values, resulting in further property tax increases." A cap may sound like a good thing, especially when it spells relief for those who feel like they're bleeding money. Some suggest, however, that it may not be the optimal route to take: "Members of the mainline Democratic conference, many of whom represent districts in New York City, were cool to the idea, arguing the cap would siphon away money from schools and other public services." Mayor Bill de Blasio's office release a memorandum in opposition to the measure, arguing that "the city would lose billions of dollars in necessary tax revenue every year. Revenue that would be impossible to make up [and] would result in cuts to 'essential' city services that would endanger public safety."

Read more about the quest for a limit on property taxes here.