New York will no longer offer state tax breaks to real estate developers who invest in low-income neighborhoods — or opportunity zones — to improve the housing infrastructure across the United States.
Democrat New York State Senator Michael Gianaris is behind the measure that decouples New York state’s capital gains tax code from the federal program administered by U.S. Department of Housing and Urban Development (HUD) and that is now included in the recently approved state budget.
“Opportunity Zones are nothing more than a giveaway of public money to wealthy developers, and…
