“The city’s property tax system is in desperate need of reform to achieve fairness and to support public policy objectives. A simple tax cap, like the rest of the state, is not sufficient to address the disproportionate burden that New York City’s tax code places on commercial properties, including rental housing, businesses and utilities. Legislation authorizing appointment of a bipartisan commission is a great first step. We congratulate the State Senate leadership for passing this bill and urge the Assembly and the Governor to follow suit.”