NEW YORK (CBSNewYork) — They were crying foul Friday about a sweetheart tax loophole that will enable Yankees slugger Alex Rodriguez to live in his new $6 million luxury West Side penthouse and pay virtually no real estate taxes.
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Rodriguez and all the residents of his posh high rise will get tax breaks for 10 years under the city’s 421A tax abatement program. Luxury developers get tax breaks in exchange for making sure affordable units get built elsewhere.
Here. Is this A-rod’s fault? No. If I were him, I’d take advantage of it, also. Blame the activists and politicians who invented and modified the city’s 421A tax abatement program. They insist on trying to socially engineer “affordable housing” and other supposed benefits. Politicians cannot create money out of thin air. Only central banks (such as the Federal Reserve in the U.S.) do that. Politicians must take money away from some people in order to give it to other people. They just disguise both the taking and giving with appealing rhetoric. They are like brokers between special interests, but that would be an insult to the other types of brokers in the private sector. Sorry, folks, that’s the best analogy I have at the moment.
I really have to wonder if progressives of the left or right ever figure out how their best intentions go awry.