Opinion: This state tax break helps fuel Brooklyn’s gentrification
Many fondly remember the 1970s in New York City, but by 1974, the city was on the brink of fiscal crisis, dodging bankruptcy by the skin of its teeth. The near economic collapse was a result of unfortunate patterns and practices here in the city. Recovery would depend on the revival of a local economy that was already being rocked by a decline of manufacturing jobs, and by how it dealt with middle-class suburb migration.
Consequently, the housing market took a drastic turn when we failed to put in place initiatives that would promote fiscally responsible infrastructure driven by a partnership between the public and private sectors. Though many believe that the downturn in housing stock was a result of overly progressive public policies, the real decline was caused by an industry-driven private sector, and our failure to create real mandates for affordable housing throughout the five boroughs.
Because of that failure, New York, including but not limited to New York City, has experienced high levels of gentrification and displacement. As a result of housing and land use policies that too often prioritize profit over people, many Brooklynites are no longer able to afford living in neighborhoods where they were born and raised.