March 18, 2020
New York City’s real estate industry is calling on government to suspend taxes and fees and extend further relief to companies engulfed in financial upheaval because of COVID-19.
Crain’s New York Business reported that the Real Estate Board of New York (REBNY) said there should be a “significant expansion of federal, state and local programs to support our economy and help restaurants, retailers and small businesses.”
REBNY said more financial lifelines should be created for small businesses, including no-interest and low-interest loans and cash grants. It also said property taxes and other fees, such as the city’s commercial rent tax and sales tax payments, should be suspended or delayed.
The requests follow similar ideas from pro-business groups, Crain’s reported. “We have been in touch with those organizations, and we are putting out a similar proposal,” said REBNY SVP Reggie Thomas, who handles government affairs.
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