Rep. Hakeem Jeffries pays just $200 in property taxes thanks to sweetheart subsidy lawBy Carl Campanile and Jon Levine
January 23, 2022
Brooklyn Congressman Hakeem Jeffries, a potential replacement for House Speaker Nancy Pelosi, already lives in a “People’s House” — that’s heavily subsidized by taxpayers.
Public records show that Jeffries and his family reside in a condo unit in red-hot Prospect Heights, paying just $213 a year in property taxes thanks to a sweetheart deal under a law he supported when he served in the state Assembly.
The condo the Jeffries bought in 2007 in the six-story, 40-unit complex on Underhill Avenue benefits from a massive property tax break granted under the 421-A abatement program that housing advocates have long complained is skewed toward wealthy developers and well-to-do tenants.
The law provides developers and residents property tax breaks over 25 or 35 years in exchange for making at least 20 percent of the apartments “affordable” for moderate- to low-income residents.
The generous subsidy program costs the city treasury up to $1.6 billion a year in property tax revenues, according to the comptroller’s office. The median property tax for city homeowners is more than $5,000.
One Staten Island condo owner told The Post their annual property tax bill is $5,000. A Queens homeowner said his bill is more than $9,000.
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Source:
https://nypost.com/2022/01/23/rep-hakeem-jeffries-pays-200-in-property-taxes-thanks-to-sweetheart-subsidy-law/
