DNA Info: Property Taxes Should Cover Cost of Remainder of Bushwick Inlet Park: Pols

GREENPOINT — The nearly 30-acre, waterfront park promised to North Brooklyn residents in 2005 should be funded with increased property taxes the city will collect once the park raises property values around it, a group of politicians say.

"Much like transit, parks increase property values in surrounding areas," the letter reads, referencing a 2008 study by Hudson River Park Trust that found the park was responsible for a 20 percent bump in property values among waterfront properties in Greenwich Village. "[The city should use] municipal revenue increases associated with rising property values generated by the project."

State Sen. Daniel Squadron, State Sen. Martin Dilan, Rep. Carolyn Maloney and a handful of other city and state politicians signed on."

Read more: https://www.dnainfo.com/new-york/20160524/greenpoint/property-taxes-should-cover-cost-of-remainder-of-bushwick-inlet-park-pols