A New York city mayor wants to double the number of people employed in the city’s real estate industry, as the city tries to catch up with the soaring number of vacancies in the area.
In his first budget proposal released this week, Mayor de Blasio said that the city will invest $15 billion in the real estate and real estate-related sectors, and the city government is also going to increase its estate tax rate.
De Blasio’s proposal also calls for the creation of a new “economic development commission” with the goal of attracting $3.5 billion in new jobs in the next five to 10 years.
In an interview with Bloomberg TV, De Blasio said he expects the city to see more than 2.6 million new jobs by the end of 2024, up from 2.3 million jobs now.
He also called for more housing projects, with construction and remodeling in particular, to help fill the gap.
While de Blasio’s plan will be funded by an increase in the tax rate on the wealthy, the city also plans to create a housing tax credit to help pay for housing for low-income people.
The city is also seeking to add a tax credit for new apartment construction.
A spokesperson for the mayor did not immediately respond to ABC News’ request for comment.
DeLafayette said the city was looking to invest $4 billion in real estate over the next three years, but he did not provide details on the proposed investment.
The mayor’s proposal includes an $11 billion real estate investment trust fund, which is expected to be funded through new taxes and bonds.
The city is looking at how it can invest in real estates with the potential to create more jobs, said DeLafaye.
He said it is not just the housing sector that would benefit from an increase to the city property tax credit, but also the real-estate industry as a whole.
De Lafaye said he believes that an increase from the existing property tax is an effective way to create jobs in cities.
“We’re going to be investing in real-life, real-growth opportunities,” De Lafayes said.
“We’re not going to just take the property tax and put it into a pocket and put the money in the bank.”
De Lapayes told Bloomberg TV that he wants to see the city invest in projects that create jobs, such as new high-rise residential buildings, as well as transportation projects.
He added that he thinks a new tax credit is a good way to boost the city economy.
De Lacayes plan also calls on the city council to increase the city tax rate from the current 4 percent to 5 percent.
In addition, it calls for additional funding to the Economic Development Authority to help fund projects that will create jobs and improve the quality of life in the region.