How would it benefit CUNY
By: Michael Levitas
“The Repair Act is a bill currently in the New York State legislature. Its primary goal is to remove the property tax exemption for NYU and Columbia University. At present, NYU and Columbia avoid paying $321 million annually in property taxes, robbing the state’s tax base of critical revenue.” ( https://therealdeal.com )
NYU and Columbia are the largest property holders in New York City. Columbia owns more than 321 properties, and both universities currently pay very little in property taxes. According to sources, they control 14 million square feet of property and employ professional staff to manage their portfolios. These universities have essentially become massive real estate operators.
This has significant consequences for New York communities. NYU and Columbia’s aggressive expansion, renovations, and acquisition of property in the city contribute to gentrification. Long-term residents in Brooklyn and Manhattan are being priced out due to the unaffordability of housing caused by the influx of wealthier students, changing NYC’s character and culture. The tax exemptions create a market advantage when bidding on and purchasing properties across New York City.
The uncollected taxes due to the exemptions create problems for CUNY who, unlike Columbia and NYU, are a group of public universities. Over time, CUNY has suffered from austerity. Chronic underfunding has led to poor infrastructure, a dismal student-faculty ratio, lower wages for staff, abrupt class cancellations, and an overreliance on adjunct professors compared to full-time tenured professors. CUNY, despite the years of underfunding, is still a major contributor to social mobility. Low-income students see their opportunities increase significantly through investment.
The Repair Act can remove the problem of uncollected taxes and help increase state funding for CUNY. It is not a silver bullet of course, but it can allow us to reverse the problems that have occurred under austerity and remove the favoritism for private universities.
“This has bill introduced by assembly member Zohran Mamdani. Zoran’s main point is that CUNY propels more students in terms of social mobility than the Ivy League does. It should be rewarded for doing so”(https://jacobin.com)
