There’s a classic scene in A Charlie Brown Christmas where Lucy tells Charlie Brown what she really wants for Christmas: real estate. And for New York State taxpayers, they are getting just that.

Last Thursday, Gov. Andrew Cuomo gave the state an early holiday present: $785 million worth of state aid for infrastructure projects and new developments throughout 10 regions, with the top prizes going to Long Island ($101.6 million) and Western New York ($100.3 million). While this number may seem small compared to major office trades in Manhattan, many of these projects will have the capacity to transform entire neighborhoods, provide much-needed affordable housing options and create good-paying jobs for New Yorkers anywhere from the Bronx to Brookhaven. [A full list of the winners can be viewed here.]

This news, however, was overshadowed by Cuomo’s three-year, three-pronged tax code overhaul, which was spun in the mainstream media as the nation’s first big millionaire’s tax. But this isn’t 100% accurate.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.