The New York City Card

Mayor Bloomberg has a nifty idea with the New York City Card that he released yesterday, a pocket reminder for political donors to press the city's case when they meet with national politicians. It's a fine attempt to try to leverage the city's political fundraising might into concrete results. Our only quarrel is with the goals specified by the mayor. In the shorthand of the card, one objective is described
as "long-term funding" for "9/11 worker health."

In fact the federal government agreed to $20 billion in aid to New York after September 11. City and state officials have squandered it on everything from subsidies for a bank building on 42nd Street in Midtown to reconstructing, at great expense, an elaborate new subway
station at Bowling Green that was hardly damaged on September 11. If in that $20 billion there are insufficient funds to pay for any "worker health" costs that are not covered by ordinary health insurance or Medicaid, the fault lies squarely with state and local politicians.
Sending our city's political donors out to beg for yet more money from Washington to fix the situation exposes them to ridicule.

Another priority is "affordable housing." The card calls on the federal and state government to "provide additional tax exempt bonds and public housing funds." In other words, taxing those unlucky enough to pay market rates for their housing, and using the money to provide subsidies to a lucky few. Why not instead deal with the housing crisis by asking Albany to repeal the rent control and rent stabilization laws once and for all. That would add more housing supply by ending the overconsumption of housing by all those empty-nester couples
who are still clinging to their below-market rate three-bedroom rent-controlled apartments on the Upper East and West Sides while spending most of their time at their country homes.

The City Card calls for "increased funding" for homeland security, but it might well make New Yorkers safer were counterterrorism priority to stay on the offensive against the terrorists in Iraq, Afghanistan, Iran, and Syria. Likewise, the City Card makes reference to the need for infrastructure spending and for incentives to prevent climate change. But in terms of the city's economic well being, one could make a strong case that an even higher priority should be placed on extending the lower tax rates established by President Bush on income, capital gains, and dividends.