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The Tax Wars Cometh

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How did Gov. Andrew Cuomo spend his Friday happy hour? By delivering a bill outlining his much-desired property tax cap to the State Senate for a vote today. There's no way the controversial bill can pass both the Senate and Assembly without further negotiations, but wow, that was unexpected! Also in Albany, the looming fight over the renewal (and perhaps strengthening) of NYC's rent-stabilization laws is rapidly approaching. Assembly Speaker Sheldon Silver wants to tie in an extension of the expired 421-a tax break for new development as a way to get some support from the powerful real estate lobby. We wish him luck with that. [NYT; WSJ]