I left the task force with supporting documents including:
Mason Gaffney's "The Hidden Taxable value of Land: Enough and To Spare"
Lindy Davies' "New York City Property Taxes: From the Ridiculous to the Sublime"
Common Ground's "Tax and the City"
The Map of Land Values from the NY Federal Reserve
Professor Steven Cord's Top 23 LVT studies, and his larger 238-Study Document.
Since I am also an active member of the 177-member online Public Banking Group open by invitation only - this was in addition, an opportunity to talk about creating a State Bank for New York, as North Dakota has had since 1919, and to leave them with statements from the Bank of North Dakota (BND) and an article showing their current billion dollar surplus and <5% unemployment, numbers that New York can only dream of. I pointed out to them that there is ample money in the state's Comprehensive Annual Financial Report to set up a reserve that would never be loaned out to fund a State Bank (over $110 Billion). Senator Bill Perkins in particular seemed interested in that, and I intend to follow up with him by mail and phone on both the LVT and State Bank ideas. My last point to him was that if the 2008 $155 Billion State Pension fund had been invested in a State Bank, making in-state, non-securitized, on-the-books loans to small businesses and individuals, the fund would not have lost $40 Billion from 2008-2009 over 4 times what the so-called budget deficit for New York State was that fiscal year. This seemed to both impress and to scare him and the other panel members. I further reminded them that while agency money cannot be spent, it can be invested differently, and in this case, more prudently.
I am now following up with them with written letters and some additional info to further answer their concerns. Hopefully, this is an opportunity to finally move the needle in our direction.
Here is the text of my 4-minute speech, which I also left with them.
Common Ground NYC - Scott Baker, President