New York City is alone in imposing a local commercial rent tax – a 6% tax on rents for Manhattan office and retail space that are already the most expensive and heavily taxed properties in the country. The city lost more than 100,000 middle wage jobs between 2008 and 2013, and the high cost of office space is a primary reason. If the City Council wants to help save those jobs, it should eliminate the commercial rent tax for all employers. Job-saving tax relief cannot be for just ‘small’ businesses.
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