Letter: Why tax breaks for hot properties?
The new Ritz-Carlton condominium complex in North Hills has found buyers or prospective buyers for roughly 100 of its first 124 units, at prices up to $5.9 million, developers said Monday, May 2, 2016, at a ribbon-cutting ceremony. Credit: Barry Sloan
Nassau County loves to give away taxpayers’ money. The latest handout was to a developer who built luxury condos in North Hills [“Condos selling for $5.9M,” News, May 3]. The Nassau County Industrial Development Agency granted it sales tax breaks of up to $2.5 million and a mortgage recording tax break of up to $1 million.
The condos range from $1.2 million for a two-bedroom unit to $5.9 million for four bedrooms. How many of us can afford that?
Years after superstorm Sandy devastated many homes, we still have individuals seeking government assistance. Why is the Nassau County IDA granting tax breaks for this type of project? The developer was quoted as saying, “We’ve far exceeded our forecasts of sales pace.”
He seems to be quite satisfied with his sales, so why are we reducing his taxes?
Sheldon Rybak
West Hempstead
