New York state legislators are closer than ever to scrapping a measure that has saved Madison Square Garden hundreds of millions of dollars in property taxes. But its success hinges on the support of Gov. Kathy Hochul.
Hoylman-Sigal told Gothamist that the city is also hurting for more money.
The world-famous venue received its tax exemption in 1982, when Mayor Ed Koch pushed for its passage. Koch and other city officials were attempting to keep the New York Knicks and Rangers from following in the footsteps of the New York Giants, who fled the city for the Meadowlands in New Jersey in 1976.
In recent years, the Dolans contributed a total of $449,900 to Hochul’s reelection campaign, according to state records – a mere fraction of the millions it would owe the city if the exemption ends.“This proposal will be at the table so New Yorkers will know at the end of the day who is responsible for killing it,” he said. “I think that’s potent leverage for getting this done.”
Still, Assembly Democrats, who control a large majority in their chamber, did not include the measure in their budget proposal so it's unclear if that chamber backs ending the tax break.
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