New York Governor Proposes Tax Relief for Renters

Since at least the housing crash, government programs like the mortgage interest deduction that subsidize homeowners over the millions of Americans that rent their homes have come in for criticism. A proposed New York tax might address the imbalance.
January 8, 2014, 7am PST | Jonathan Nettler | @nettsj
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"This week, [New York Governor Andrew] Cuomo formally announced the tax-relief blueprint that he'll pursue this year as he prepares for re-election," reports Emily Badger. "And, most notably, the package now includes a renter's tax credit that he says would aid 1.7 million people in New York City."

Though the proposal seems to have been included for political reasons, rather than ideology, "the credit at least acknowledges [renters] presence in New York State (and the fact that many of them may be more in need of housing aid than some homeowners)," writes Badger. "Housing policy that balances the needs of homeowners and renters is sorely needed well beyond New York, but renters in the rest of the country can hardly count on a similar political calculus."

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Published on Tuesday, January 7, 2014 in The Atlantic Cities
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