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Funding the IBX Through Land Value | Real Estate News
Governor Hochul’s big vision for transit-oriented housing tied to the Interborough Express light rail could add tens of thousands of homes in Brooklyn and Queens—but it costs $5.5 billion, with $2.75 billion still unfunded. To bridge the gap, MTA officials are exploring creative financing, including a “land value tax” that would capture increased property values near new stations, shifting the burden from commuters to those who benefit most. With design and environmental reviews underway and construction likely five years away, this ambitious project hinges on innovative funding and smart…
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