Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
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Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#2[deleted]
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#3At some point we do need to look at the hedge funds that have a school attached as well. The endowments at some of these universities is astounding.
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#4No -- these two targeted institutions shouldn't be taxed when other colleges and universities in the city continue to be exempt. That's not fair --
-- BUT, I think it's absolutely fair to keep tax breaks only for buildings used primarily for educational/research and related activities (like dorm rooms and student centers and research labs).
Because if Columbia and NYU are investing in real estate as part of their endowment, e.g. residential and office buildings unconnected to their educational mission, then those should be taxed normally. And the same for any other nonprofit -- no reason to single them out.
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#5No -- these two targeted institutions shouldn't be taxed when other colleges and universities in the city continue to be exempt . That's not fair -- -- BUT, I think it's absolutely fair to keep tax breaks only for buildings used primarily for educational/research and related activities (like dorm rooms and student centers and research labs). Because if Columbia and NYU are investing in real estate as part of their en…
This is very true. NYU and Columbia should not be treated as not-for-profit because they’re not. And they also take money from sovereign and let them influence research and curriculum. They do not deliver the value even remotely commensurate with tax savings they enjoy. Especially NYU. Only schools of value at NYU is medical, law, and film. So roughly 3,000 students. They enjoy billions in tax savings and not even remotely close to what’s returned by those 3,000 students remaining in NYC after graduation.
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#6Archive link: https://archive.is/u50OG
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#7I think you can make a case for targeting Columbia in particular, even to the exclusion of other schools.
Columbia was a major beneficiary of the city's power of eminent domain in the early 2000s, killing small business and other local flavor in favor of their expansion and planned urban renewal, which is kind of slimy already. The big arguments were that it couldn't expand and maintain its status without it.
So now time to pay the piper. All those places used to pay property taxes, now they don't.
"In a unanimous decision, the Court of Appeals overturned a lower court ruling that barred the state from using its power of eminent domain to take private property in the 17-acre expansion zone west of Broadway without the property owner’s consent. The ruling held that the courts must give deference to the state’s determination that the area was “blighted” and that condemnation on behalf of a university served a public purpose, two requirements under the law.
Lee Bollinger, the president of Columbia University, said he was grateful for the state’s hard work in the case. “This is an extremely important moment in the history of Columbia,” he said. “It’s only fair to say that the opportunity to build a new campus comes along very rarely.”"
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#8No -- these two targeted institutions shouldn't be taxed when other colleges and universities in the city continue to be exempt . That's not fair -- -- BUT, I think it's absolutely fair to keep tax breaks only for buildings used primarily for educational/research and related activities (like dorm rooms and student centers and research labs). Because if Columbia and NYU are investing in real estate as part of their en…
> BUT, I think it's absolutely fair to keep tax breaks only for buildings used primarily for educational/research and related activities (like dorm rooms and student centers and research labs).
According to https://www.nytimes.com/2023/09/26/nyregion/columbia-univers...
>> Universities, including Columbia, pay tax on properties they own that are not used for educational purposes.
So I don't think they're able to just become tax-free real-estate investors, although I don't know where the dividing line is?
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#9No -- these two targeted institutions shouldn't be taxed when other colleges and universities in the city continue to be exempt . That's not fair -- -- BUT, I think it's absolutely fair to keep tax breaks only for buildings used primarily for educational/research and related activities (like dorm rooms and student centers and research labs). Because if Columbia and NYU are investing in real estate as part of their en…
Um...reading the article, the proposed change would apply to all universities, museums, and other non-profits. (See 4th paragraph.) Columbia and NYU are merely a couple click-baity names, and currently "earning" the most $$$ by taking advantage of the long-running exemption.
Re: Columbia and NYU Would Lose $327M in Tax Breaks Under Proposal
#10At some point we do need to look at the hedge funds that have a school attached as well. The endowments at some of these universities is astounding.
I can only guess that you're downvoted by all the Princeton and Yale readers here