Student alliance pushes for NYU and Columbia to cough up property taxes

December 10, 2024 Brooklyn Eagle Staff

Share this:

CITYWIDE — MEMBERS OF THE NYC STUDENT ALLIANCE are pushing for the REPAIR Act, which takes steps to ensure that private universities like Columbia and NYU are paying their fair share of property taxes, according to The Indypendent. The REPAIR Act (Repeal Egregious Property Accumulation and Invest it Right), introduced by Queens Assemblymember and mayoral candidate Zohran Mamdani, would shift capital from the tax-exempt universities into the historically underfunded CUNY system, creating a more equitable financial environment, according to the Alliance.

Institutions who currently have over $100 million in property tax exemptions in their portfolios would be taxed. Currently, if a building is being used for educational purposes, universities can claim a property tax exemption on that building. Around $327 million in redirected money could go to CUNY annually as a result of the REPAIR Act.

Mamdani told Indypendent that when he speaks to fellow legislators, “their first reaction is usually shock at the disparities and that the schools don’t pay property taxes.”

✰✰✰