DEMOGRAPHICS, INCENTIVES AND BENEFITS CITY AND STATE INCENTIVES New York City Property Tax Abatements & Energy Cost Savings Programs Designed to Encourage Real Estate Construction Projects Whether tax incentives actually spur new economic activity—and whether they do so in a cost-effective manner—are important concerns. This is particularly true in times of fiscal and economic stress, when policymakers must balance a desire to spark the economy with the need to cope with budgetary restraints. Economists believe that the most fiscally effective means of achieving the goals of economic development expenditures are tax incentives. The City of New York has a number of economic development incentives aimed at promoting real estate development and renovation projects. Financial incentives that have consistently promoted the construction of new buildings, renovations and expansions in New York City include real estate tax abatements and energy cost saving programs. These incentives promote real estate development projects by reducing high real estate taxes and energy costs. New York City offers a valuable Real Estate Tax Abatement for Industrial and Manufacturing Leases. The Industrial and Manufacturing Real Estate Tax Incentive Program provides a real property tax abatement for new, renewal and expansion leases for space used for industrial and manufacturing activities in the abatement
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