THE WEINER PLAN FOR RELIEVING THE “MIDDLE CLASS PROPERTY VALUE CRUNCH”

CUT TAXES ON MIDDLE CLASS NEW YORKERS (NOT TAX HIKES)

CUT WASTEFUL SPENDING, A SMALL BUSINESS ACTION PLAN

New York City — Today, Rep. Anthony Weiner (D-Queens & Brooklyn) outlined his plan to relieve the economic burden on middle class New Yorkers “caught in the property value crunch.”   

Over the past few years, property values have skyrocketed—a boon for many homeowners.

But for many middle class New Yorkers, skyrocketing property values have also meant skyrocketing property taxes—and a housing market too expensive for them to move to a more affordable neighborhood. 
   
In his eleventh speech detailing his vision for New York City, Weiner outlined his plan to help alleviate the “crunch” and help middle class New Yorkers enjoy their good fortune through a real middle class tax cut, less fat in the city budget, and an end to the small business ticket blitz.

A Real Middle Class Tax Cut — Increased property values means increased property taxes—to say nothing of Mayor Bloomberg’s property tax hikes.  As Mayor, Weiner would relieve the financial burden of rising property taxes by cutting income taxes by 10% on all New Yorkers making $150,000 or less a year.  To pay for it, Weiner would create a new 4.67% tax bracket for New Yorkers making $1 million a year or more in income.  The cost of the plan: $207 million.

Cut Wasteful Spending — Every wasteful dollar spent by the City is a wasted taxpayer dollar.  As Mayor, Weiner will cut or reform the bottom 5% percent worst performing city programs every year, effecting up to $1.7 billion in savings for the City.

Cut Fines and Tickets on Small Businesses — Weiner proposes using $17 million in revenue from the City’s new computerized ticketing system to cut tickets and fines on small businesses. Weiner would also create a team of ombudsmen to help shop keepers navigate the City’s often costly bureaucracy.

Small Business Action Plan — Outer borough businesses need all the help they can get to survive, especially with the emergence of big box competitors like Wal-Mart. Weiner proposes streamlining the 17 step application process for Business Improvement District status, and the public safety, capital improvement and beautification services that come with it.  And Weiner will cut the cost of cleaning up unsightly graffiti by working with the Doe Fund—an organization that takes homeless people off the street and gives them a home and a job—to create “graffiti patrols”: teams to patrol outer borough shopping strips and clean up graffiti as soon as it is spotted.

“The rise in property values in recent years has been good news for many property owners, no question about it,” said Weiner.  “But there’s been an unexpected downside for middle class New Yorkers struggling with a rising property tax bill and a housing market too hot to handle.  The challenge for the next Mayor will be to make the City more affordable for middle class families so that they can fully realize the benefits of a booming housing market.”