De Blasio Balks At JPMorgan Chase's Proposed $1 Billion Tax Break
NEW YORK (CBSNewYork) -- Mayor Bill de Blasio rejected a plan that would have given JPMorgan Chase & Co. a more than $1 billion tax break so that the banking giant could build two Manhattan skyscrapers.
JPMorgan Chase wanted to construct the buildings at the Hudson Yards development, costing about $6 billion, WCBS 880's Rich Lamb reported. The skyscrapers would have housed 16,000 employees.
De Blasio Balks At JPMorgan Chase's Proposed $1 Billion Tax Break
De Blasio, who as a candidate campaigned against lucrative tax breaks for large corporations, balked at the bank's proposal to grant it the massive tax incentives.
"That's a nonstarter," the mayor said Monday.
The mayor, however, seemed to leave a crack in the door that some sort of agreement between JPMorgan Chase and the city could still be reached.
"We value JPMorgan as a major employer in this city, for sure, and we certainly look forward to their long-term presence here," de Blasio said. "If they're looking to switch locations and we can find appropriate ways to be helpful, we certainly will."
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