Cabrera supports suspension of interest rates on late payment of hotel property tax

Cabrera supports suspension of interest rates on late payment of hotel property tax

Moses Kuwema 

 

New York City council member and majority whip Fernando Cabrera has announced his support for suspending the 18 percent interest rate charged for late payment of hotel property taxes.

The Council member who represents the Bronx's 14th District said, “I’m proud to stand with the Hotel Association of New York City (HANYC) and call for specific relief for the hotel industry, which has been vital to New York’s prosperity, cultural life and its worldwide reputation as a tourism destination,” said Cabrera. 

“Since the COVID-19 pandemic devastated New York City’s tourism industry, hotels have been forced to pay their property taxes late.  The industry employs tens of thousands of people, many of whom are immigrants who have been disproportionately impacted by the pandemic, not just in terms of health, but also employment. 

Our hotels contribute $3 billion annually to the City’s tax base and the industry is at risk of disappearing forever.   We cannot risk losing so many jobs and the economic benefits generated by this sector. Giving relief to the hotel industry will save jobs and help our long-term recovery.  We need to save our hotels so New York can be the vibrant, world class city it has always been,” said Cabrera.