The NY Times bemoans the tax free presence of a few buildings on 125th St owned by Columbia University. They note:
As Columbia University puts the last touches on its brand-new campus in Harlem, it has reached a milestone: The university is now the largest private landowner in New York City. In a city where land is more valuable than almost anywhere in the nation, the school now owns more than 320 properties, with a combined value of nearly $4 billion. The growth has helped it stay competitive within the Ivy League and meet its broader ambitions to become a global institution. By many measures, those ambitions have also helped lift the city around it, attracting higher numbers of students, producing new jobs and boosting New York’s reputation as an international center of knowledge. But as Columbia has expanded its footprint, it has also become more of a drain on the city budget because of a state law more than 200 years old that allows universities, museums and other nonprofits to pay almost no property taxes.The law saves Columbia more than $182 million annually, according to an analysis by The New York Times. The amount has soared from $38 million just 15 years ago as the university has bought up more properties and their value has increased.
The example of where this has benefited the community is the MIT complex of Whitehead, Broad and Koch, centers of world excellence that were transformative in Cambridge building a massive biotech community and generating massive amounts of new tax revenues. It took time and patience of Cambridge City Council, as about as left wing as one can ever get, yet it works. Thus the Columbia example may be similar, extending from 110th St past 125th St on the West side up and down Broadway. Opening opportunities and relatively accessible for those in town and those out of town.
Perhaps the Times should look at how this worked elsewhere.
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