NYC's 50-Year-Old Property Tax System: Unfair, Needs Reform

New York City's property tax system, now 50 years old, is under fire for its inequities. It overtaxes large multifamily buildings, hindering the construction of much-needed apartments and exacerbating the housing crisis. Low-income households and minority communities bear a disproportionately heavy burden, while luxury condos pay significantly less. Reform advocates are pushing for change, but mayoral candidates are largely silent. A lawsuit challenging the system is ongoing, with the state's highest court ordering action, yet the city remains largely unresponsive.