Protest in front of Luxury Condos Against Tax Breaks for Billionaires
- New York City 02/19/2015 by Linda Perry Barr (WBAI)
February 18, 2015
Activists chant "Subsidize Our House, Not The Penthouse!"
This is in front of 157 W 57 Street in Manhattan, where billionaires have received as much as a 95% tax write-off for luxury condos.
Protesters want taxes to go for affordable housing not for ritzy penthouses. Their anger is over a 1972 law called 421A. It was meant to increase affordable housing units, but instead it gives luxury building developers and billionaire owners of condos huge tax breaks. This year alone the program cost the city more than $1 billion in lost revenue. The law is up for renewal June 15th.