Hakeem Jeffries gets tax break he sponsored and pays $213 in property tax on NYC condo
House Democratic Conference President Hakeem Jeffries received a tax break that lowers the property tax on his Brooklyn condo to $213 a year, according to newly released documents.
The congressman, who frequently calls for tax hikes to ensure the wealthy “pay their fair share,” co-sponsored this major tax benefit when he was a state legislator.
In 2007, Mr. Jeffries bought the Prospect Park condominium unit which enjoys a huge property tax cut under what is known as the 421a tax abatement program, which critics say financially favors wealthy developers and tenants.
The tax benefit for Mr. Jeffries’ condo, which was first reported by the New York Post, is applied for 25 or 35 years to developers and residents of buildings where at least 20% of the units are affordable for people with moderate to low incomes. residents. The congressman will have access to his tax benefit until 2032.
New York City taxpayers must pay up to $1.6 billion a year for the subsidy program.
Mr. Jeffries, who is seen as a favorite to lead House Democrats when Speaker Nancy Pelosi steps down, currently earns $174,000 a year as a congressman. The median property tax for homeowners in the city is over $5,000 and the median household income is just over $68,000.
Mr Jeffries’ spokesman, Andy Eichar, said there was nothing unusual about New Yorkers taking advantage of the tax relief.
“The 421a program has been a matter of law for over 50 years. When enacted in 1971, the 421a program was designed to encourage investment in traditionally underdeveloped neighborhoods, particularly in Harlem, the Bronx and Brooklyn,” he told the Washington Times.
Mr. Jeffries bought the apartment on the border of Prospect Heights and Crown Heights in Brooklyn more than 15 years ago, his spokesperson said, when “there were more body shops in the neighborhood that there were no owners”.
“In 2007, during his first year in the State Legislature, and after purchasing his apartment, Assemblyman Jeffries and his fellow Democrats lobbied to change Law 421a and successfully inserted a 20% affordable housing requirement,” he said. “MP Jeffries has proudly helped champion this reform effort.”
Critics of Mr Jeffries have noted that he regularly blasts wealthy Americans for not paying enough taxes, including in a recent tweet in which he vowed to fight for the passage of the bill. President Biden’s $1.75 Trillion Social Welfare and Climate Act:
“Back in Washington to continue the fight to pass the #BuildBackBetter law. The rich, well-off and well-connected must pay their fair share.
Back in Washington to continue the fight to pass the #BuildBackBetter Act.
The rich, well-off and well-connected must pay their fair share.
— Hakeem Jeffries (@RepJeffries) October 25, 2021
“It’s so much worse than your run-of-the-mill Democratic hypocrisy. He helped enact legislation that directly benefited him,” said Nick Langworthy, chairman of the New State Republican Committee. huge property tax bills themselves and being forced to subsidize his $1.2 million apartment and taxpayer-funded $174,000 annual salary is a disgusting outrage He should be forced to pay his fair go.