NEW YORK (Reuters) - In 1978, after New York City had barely escaped bankruptcy, Mayor Ed Koch went looking for cash from an unlikely source: the city's colleges and other nonprofits, which do not pay taxes on their valuable land.
Reuters: U.S., Reuters: Nation
Fri, 05/18/2012 - 5:27am
NEW YORK (Reuters) - In 1978, after New York City had barely escaped bankruptcy, Mayor Ed Koch went looking for cash from an unlikely source: the city's colleges and other nonprofits, which do not pay taxes on their valuable land.