The United Federation of Teachers has cashed in on millions of dollars in sweetheart tax abatements on properties they own in New York City.
The United Federation of Teachers has cashed in on millions of dollars in sweetheart tax abatements on properties it owns in New York City, all while the union advocates for higher property taxes for everybody else.
These have included multiple Industrial & Commercial Incentive Program breaks, lease abatements from the city, commercial expansion tax credits and more. It additionally “net leased” a 400,000-square-foot space at 52 Broadway — which left them on the hook for the site’s property taxes.The UFT has secured no fewer than 129 separate tax breaks and refunds from the city Department of Finance since 2009.
The city Department of Finance’s publicly available online records only go back to 2009, suggesting the sum of all tax breaks is significantly higher.
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