New York City, and New York State, both appear to be seriously short of money right now.  However, there are plenty of local revenue sources, including many the mention of which is virtually taboo, that could be tapped.  The City and State have the ability to raise all the revenue we need.  We just don’t tax certain activities at present, and we undertax others.

If the Federal government does not help us out, and they have already reneged on their post-disaster pledges, we will have to find new revenue sources or endure a savage austerity.
Here are some possible sources of revenue that deserve serious consideration:

* Financial Services - a nominal tax could be imposed on all financial flows, transactions, contracts, etc., including equities, derivatives, currency, and so on.

* Real Estate - a higher tax rate on mortgages not related to new construction, rehabilitation, or repair, that is, a change of title only; on assigned mortgages, which currently avoid any mortgage tax; on ground leases, the land beneath separately-owned midtown structures; on development rights, air rights, and speculation, based on the duration of ownership, increase in market value, etc.

* Housing Code Enforcement – the collection of fines arising out of the more than three million violations of record (a genuine quality of life issue).

* Large not-for-profits (foundations, universities, hospitals) are huge and wealthy consumers of City services and resources and could pay a tax (or fee) for these services.

* Business services – tax law, accounting, corporate finance, etc., that currently escape taxation.

* High net worth individuals – add an income tax or wealth surcharge.

* Turn all corporate subsidies - corporate relocation, housing development, site acquisition, etc. - into loans.

 Each of these activities benefit from or, indeed, exist because of, NYC’s pre-eminence as a global financial, business, intellectual and cultural center.  It is appropriate for these sectors of activity to provide some financial support to the City in which they thrive.
 

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