Finance Commissioner David Frankel admitted yesterday that mistakes were made when his office miscalculated the city's condo and co-op property values to reap increased tax revenue, according to The Post. Frankel's office initially increased the value of some homes, like Queens State Senator Toby Stavisky's, by as much as 147% from 2010 to 2011. Housing bubble, schmousing bubble. Didn't you guys get your complimentary Infinity Pool after the bailout?
Facing a "growing taxpayer revolt," Frankel finally agreed to cap increases on condos and co-ops at 50%, which results in a 10% net increase of property taxes. Sen. Starvisky angrily fired back, saying that's "like saying you don't have to drink a full cup of arsenic, you only have to drink a half cup," but her voice was drowned out by the blasting of her Brazilian mahogany-lined home theater speakers. Frankel did concede that "we could have done a much better job at outreach," but perhaps more tact is needed when trying to raise revenue. Doesn't he remember the scheme in Superman 3?
