Q&A
Council member discusses history and issues of water rental payments
3:41:26
·
41 sec
Council Member Gennaro expresses gratitude to the New York League of Conservation Voters for joining the fight against water rental payments. He recounts his 20-year struggle against this practice, explaining how it evolved from covering 1985 debt service to becoming 15% of the Water Finance Authority's annual debt service under Mayor Bloomberg.
- Gennaro predicted the issue would escalate to hundreds of millions of dollars per year
- He emphasizes the long-standing nature of this problem and its significant financial impact
- The council member's frustration with the policy is evident in his remarks
James F. Gennaro
3:41:26
Thank you.
3:41:27
I I wanna thank LCV for joining the anti rental payment coalition.
3:41:33
I've been fighting this for the last 20 years.
3:41:36
20 it was 20 years ago that the line why a little less 20 years ago, that the Lines Cross, and the rental payment went from being the the payment for the 1985 debt service to 15% of the water, finance authorities, annual debt service.
3:41:54
Mayor Bloomberg did that, and I blew my stack back then.
3:41:57
It was only a couple of $1,000,000, but I knew what was going to happen.
3:42:00
We get to a time when we'll be talking about 100 of $1,000,000 per year in rental payment.
3:42:05
And so we have strategy.
