On February 3, Mayor Bill de Blasio delivered the State of the City speech. It was a speech that offered zero relief to the financially overburdened co-op and condo community.
A main focus of the address was affordable housing. Unfortunately, as is often the case, it was overlooked that co-ops and condos are the very definition of affordable, middle-class residences.
However, if these properties continue to experience increasing property taxes, they will soon become unaffordable to working families and those on fixed incomes. The tentative property tax rolls published on January 16 have some co-op and condo properties facing increased evaluations of 11 percent to more than 20 percent.
The mayor also called for raising the minimum wage. There too, the co-op and condo community already sets a high standard by employing well paid, unionized workers. As property taxes continue to go through the roof, properties may be forced to downsize staff in order to meet other expenses. No one wants to see that happen.
When it comes to the challenge of creating and maintaining affordable housing in New York City, the de Blasio administration must be made aware that the co-op and condo community is a large part of the solution.
Co-op & Condo Council