Questions arise as police in riot gear clash with anti-Israel student demonstrators who are causing mayhem and destroying property on campuses across the city. Do Columbia University and New York University deserve a property tax exemption?
Thanks to a centuries-old law that exempts universities and other nonprofit organizations from paying property taxes, the universities collectively saved $327 million last year alone.
But as they acquire more and more real estate in the city (Columbia is New York City’s largest private landowner, and New York University is not far behind), campus leaders continue to leave students unchecked. , I’m beginning to see reasons why students should continue to be left unchecked. Quite thin.
In December, members of Congress Introduced a bill to the ax Universities that save more than $100 million a year (so only Columbia University and New York University would be hit) and use that money to fund the City University of New York would be exempt.
“This bill seeks to address universities that have so blatantly gone beyond operating primarily as institutions of higher education and are acting as landlords and developers,” said bill sponsor Zoran Mamdani.
Mamdani, who is left-handed, may be motivated more by a “love of taxes” than anything else, but he has a point. Columbia University and New York University have been much more than “institutions of higher education” for decades.
That’s not just because they’re tax-exempt, allowing them to amass amazing real estate portfolios and hire more managers than ever before, which have nothing to do with education.
In fact, the modern university president’s job focuses almost exclusively on fundraising. That’s one reason why many universities don’t know how to deal with unruly students.
Not to mention how these schools prioritize DEI-driven leftist indoctrination over actual education.
In defense of tax-free benefits, schools argue that they spend large sums of money in surrounding communities and even pay out some denegeld in the name of “local economic development” (although that cash is (Although it inevitably rewards political actors).
And certainly, New York City’s economy benefits, as the presence of talented graduates attracts potential employers. But that advantage is disappearing as DEI now encroaches on scientific and even (especially) medical education.
In fact, the ability of these schools to attract the most promising students is now being questioned. Their failure to involve radicalized students while wreaking havoc on and near campuses and bringing campus life to a screeching halt leaves all parents in the lurch. I doubt it’s worth the annual list price of $90,000.
Not to mention how much it will cost taxpayers when they finally call upon the NYPD to restore order.
All New York University and Columbia University currently contribute to New York City is chaos.
Repealing or limiting the exemption would require an amendment to the state constitution, a two-year process if not longer. At the very least, Congress should seriously talk about getting the ball rolling.
who We need to urge them to start cleaning up their act and stop embarrassing New York City.
