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Letter: Luxe rentals rare, so why give tax breaks?

The superblock property along the boardwalk in Long

The superblock property along the boardwalk in Long Beach on Sept. 9, 2015. Photo Credit: Steve Pfost

For residents of Long Beach, the article “Luxe rentals for Westbury” [News, April 4], was quite revealing. Real estate experts and developers say the supply of luxury rentals on Long Island is low. They also say that demand is insatiable, despite the high and increasing rents.

Yet in Long Beach, the developers of 522 luxury apartments on the “superblock” are demanding that the Nassau County Industrial Development Agency provide $109 million in tax abatements over 20 years. They already have received zoning variances to supersize their offerings. This plan sounds like real estate investment trust welfare to me.

The property in Long Beach is prime, one-of-a-kind, beachfront and a short train ride to the world’s greatest city.

Should the IDA somehow grant this tax relief, all Nassau County residents should demand transparency with respect to the cost-benefit analysis and the process that could lead to such a conclusion.

Neal J. Monteko, Long Beach