The Independent Budget Office is trying to end the 421-a tax breaks, claiming that their main function is to make New York City real estate enticing to foreign billionaires "with limited economic commitment to the city." Mayor Bloomberg, who, earlier this year expressed a desire to "get all the Russian billionaires to move here" is all for the tax breaks, of course. It remains to be seen which side of the fence Mayor-elect Bill de Blasio will come down on, although the IBO seems optimistic. [Crain's; previously]
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