NEW YORK CITY-He may have the pedigree of a liberal Democrat, but Andrew Cuomo looks more like a conservative Republican when it comes to the fiscal policy he’d implement as governor. The 224-page platform Cuomo outlined when he announced his candidacy is what’s called for to promote private-sector job growth, say industry leaders including Steven Spinola, president of the Real Estate Board of New York.
“In commercial real estate or any kind of real estate, we’re looking for a governor who’s going to be strong, who will try hold the line on spending and hold the line on taxes,” Spinola tells GlobeSt.com. “I couldn’t ask for anything more than what this candidate for governor has indicated is his position, which is that the state can’t continue to spend beyond its means.”
He adds that “this is a very positive message for commercial real estate and for businesses. Commercial real estate basically does well when businesses do well.”
As governor, Cuomo would put caps on state spending and property taxes, while holding the line on income taxes and sales taxes. He’d also scale down the size of state government and freeze salaries.
Further, Cuomo, who accepted the Democratic nomination this past Thursday, plans to revamp the economic development structure. Among other things, he’d reportedly do away with enterprise zones in favor of tax credits to employers for adding jobs.
In the view of the Business Council of New York State, Cuomo’s agenda could almost have been put together by the council itself. “Cuomo has put forward a substantive policy document that contains many of the fiscal reforms that the business council has advocated for years,” says Kenneth Adams, president and CEO of the Albany-based council, in a statement. “The business council has long supported a property tax cap, state spending cap, pension reform and reducing the size and cost of state and local governments. These policies are all reflected in this new proposal; they are critical to economic recovery in New York State.”
Kathryn Wylde, president and CEO of the Partnership for New York City, expresses a similar level of enthusiasm in a prepared statement. “The New York Agenda that Andrew Cuomo released with the announcement of his candidacy for governor is a courageous document,” she says. “It spells out a comprehensive blueprint for putting the state back on a solid track for economic growth and fiscal responsibility—one that the business community can support with enthusiasm.” Wylde was unavailable for further comment by deadline.
Although Spinola says Cuomo’s platform doesn’t raise any obvious red flags, one area of concern is the candidate’s position on campaign finance reform. “We don’t necessarily disagree with the position, but he seems to have left out the same kinds of restrictions on unions that he is looking to impose on businesses,” says Spinola. “We don’t understand why that would be the case. We’re hopeful that they just didn’t make that connection and that it will be adjusted.”
Richard T. Anderson, president of the New York Building Congress, does see a couple of trouble spots amid a generally positive first impression. “Cuomo as governor could be the greatest agent for change since Nelson Rockefeller,” he tells GlobeSt.com. “But we may not like all of the changes.”
The next governor will have to face “serious budget questions that will require some major cuts as well as looking for new sources of revenue,” says Anderson. “Both of those could affect design and construction and real estate.” Additionally, Cuomo's stated opposition to the Indian Point nuclear power plant poses a specific potential threat to the construction industry, although one that's partly offset by the candidate's advocacy of affordable housing.
That being said, Anderson says the best thing about Cuomo’s candidacy is that “he’s serious about dealing with some of the fundamental challenges that face New York State. That bodes well for those of us who have a major stake in the future of New York.”
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