8 Jan

Albany Windfall


New York has an extra $5.6 billion in one-time legal settlements from banks and financial companies for their roles in the housing crises and instances of skirting state laws. The settlement money is a one-time influx, like an inheritance, which Cuomo, lawmakers, lobbyists and unions have been circling for months.

“There’s going to be a feeding frenzy for that money,” said Sen. John DeFrancisco, R-Syracuse, who chairs the Senate Finance Committee.

Next, those important deadlines. Laws governing a lucrative tax credit for developers, New York City rent control rules and the property tax cap (which excludes New York City property owners) all are set to expire in the next year or so.

Combine those issues with rising pressures to boost school funding, reform the criminal justice system, address the minimum wage rate and pay for a new Tappan Zee Bridge – well, it’s a recipe made for behind-the-scenes deal-making in a Capitol where trading political chits has become an art.



  1. Waldo "Wally" Tomosky January 8, 2015 at 12:46 pm #

    Reblogged this on waldotomosky.

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