The latest budget out of the Mayor’s office has business and homeowners on edge. The budget has allocated more money on housing and labor contracts with the intentions of increasing the economy by an average of 2.2% over three years. Where is the money coming from you ask? An increase in property taxes. Businesses will be most damaged, as they will have an increase in expenses such as rent, as the landlords will try to make up for tax increases. Mayor Bill de Blasio decided against an increase in people’s income taxes and opted to target the property owners. Either way, businesses will be affected. Higher taxes lead to higher rents for businesses, which leads to an increase in cost of goods and services to customers.
http://www.crainsnewyork.com/article/20140512/POLITICS/305119979/city-halls-spending-worries-business-interests
