A two-year extension to some tax breaks could make a significant difference to economic prospects, according to the president for a downtown business group. This might mean an increase in demand for printing services in Secaucus, for example.
Robert Altman, a specialist attorney with an interest in tax incentives, has told Crain’s New York Business:
“Businesses often start thinking about relocation one to three years before the actual move. One of the greatest uncertainties facing them is what city incentives will be in place. With extensions often going to down to the wire, it puts a great question mark in planning.”
The case for the incentives in lower Manhattan is based on its recent history. The area has been affected by two disasters, with 9/11 being followed by Hurricane Sandy.
Local politician Sheldon Silver has pointed out that some infrastructure projects in the area have not yet been finished. For Mr. Silver, this lack of completion is another reason for giving a stimulus to the district.
When one part of an urban area receives special treatment, a certain amount of dissatisfaction is likely to be generated in other areas, but decision makers in Albany were not swayed by these dissenting voices.