Q&A
Discussion on BID assessment increases and commercial rent tax
0:16:16
ยท
93 sec
Council Member Brewer inquires about the impact of BID assessment increases on commercial tenants and raises concerns about the commercial rent tax in Manhattan. Deputy Commissioner Brown from SBS provides brief responses and agrees to take the concerns back to leadership.
- Brewer questions if large BID assessment increases are passed on to commercial tenants
- Discussion on the need to review the commercial rent tax, especially with upcoming congestion pricing
- SBS agrees to bring the concerns about commercial rent tax back to their leadership for discussion
Gale A. Brewer
0:16:16
I too wanna thank you and thank all the bids for your hard work.
0:16:20
I have a question for SBS.
0:16:21
So some of them are going up small amounts and some of them like 3,000,000 from your listing.
0:16:26
So, the ones that are going up a lot, all of the real estate companies, do they completely pass on that difference?
0:16:38
In other words, to the commercials?
0:16:39
To the commercial.
0:16:41
To the commercial.
0:16:42
In other words, the understandably, people need more money, costs are going up, and we love the bids.
0:16:47
So, that's But, I just want to understand does Is it probably true that the number, in some cases, it's a $3,000,000 increase.
0:16:55
I assume that will still be continually passed on to the commercials that are if there are commercials, on the strip where the bid is.
0:17:03
Is that correct?
Calvin Brown
0:17:04
Well, we can look into that.
0:17:06
I mean, it varies by the the district, so not all landlords pass those courts on to their tenants.
0:17:12
So we would have to investigate more to confirm that.
Gale A. Brewer
0:17:16
It's my understanding that they do.
0:17:17
And the other thing is, I wish SBS would hate more of a position, council member Powers, and I agree with the commercial rent tax.
0:17:25
That commercial rent tax on Murray up to 96 Street in Manhattan is a killer, and with congestion pricing, it's even gonna be worse.
0:17:32
All these bids in that area know that.
0:17:35
So I would love the administration to look at that again to say, we do not need to unfairly tax these, particularly the storefronts.
0:17:44
I'd like to have, can you take that back and have some discussion?
Calvin Brown
0:17:47
Definitely.
0:17:47
We can take that back to our leadership.