The Second Avenue Subway could bring higher property taxes for East Harlem

By Lucy Cohen Blatter | October 27, 2015 - 10:59AM

Upper East Siders can finally see the light at the end of the tunnel (pun intended): The Second Avenue Subway is set to open in December 2016. At that point, the Q train will run from 63rd street to 96th Street and along Second Avenue.

As we previously reported, a second phase will extend the Second Avenue Subway up to 125th Street. The problem? No one knows how it'll be paid for (a five-year capital plan covers digging the tunnels, not outfitting the stations, according to WNYC).

One potential way to pay for the costs of extending the train: raising property taxes on condos and co-ops near the Second Avenue line. But at least those owners will at least see higher property values along with their higher taxes. WNYC quotes CityRealty research, which found that this year, median sales prices are 15 percent higher for apartments right near the proposed stations.

And it wouldn't be the first time the city raised property taxes to pay for a public transportation project. Property tax revenue from construction in the Hudson Yards area helped pay for the 7 train extension during the Bloomberg administration.

Listen here for more of WNYC's segment on the Second Avenue subway:

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