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Statement from Kathryn Wylde, President and CEO of the Partnership for NYC, on Proposed NYC Council Legislation on Commercial Rent Tax

“New York City is alone in imposing a local commercial rent tax – a 6% tax on rents for Manhattan office and retail space that are already the most expensive and heavily taxed properties in the country. The city lost more than 100,000 middle wage jobs between 2008 and 2013, and the high cost of office space is a primary reason. If the City Council wants to help save those jobs, it should eliminate the commercial rent tax for all employers. Job-saving tax relief cannot be for just ‘small’ businesses.  Fifty-one percent of the city’s private sector jobs are with companies that have 500 or more employees and are most likely to have their rent tax raised under this proposed legislation. City government is projecting a multi-billion dollar tax revenue surplus over the next few years. This is a moment when the city can afford to get rid of the rent tax across the board, so that employers can afford to keep good jobs here.”