what will happen to tax abatement program with new cuts today?

Just read this on the NYC website about the budget cuts today: Mayor Michael R. Bloomberg today presented a November Financial Plan update. As part of the budget presentation, the Mayor announced that the City faces a cumulative $4 billion budget gap for FY 2009 and FY 2010 and detailed a series of difficult measures to reduce the deficit: $1.5 billion in savings achieved through spending... [more]

Just read this on the NYC website about the budget cuts today: Mayor Michael R. Bloomberg today presented a November Financial Plan update. As part of the budget presentation, the Mayor announced that the City faces a cumulative $4 billion budget gap for FY 2009 and FY 2010 and detailed a series of difficult measures to reduce the deficit: $1.5 billion in savings achieved through spending reductions and other measures, rescinding the 7 percent property tax reduction immediately, and not issuing the $400 property tax rebate. The Mayor’s proposals will substantially reduce the budget deficit, but will not eliminate the budget gap for FY 2010, which will still have a $1.3 billion shortfall. In January, the Mayor will present the preliminary FY 2010 budget and financial plan. * Rescinding the 7% property tax reduction immediately, this will generate $576 million in additional revenue. * Not issuing the $400 property tax rebate, this will generate $256 million in additional revenue. * Increasing certain fees and fines, this will generate $123 million in additional revenue. Ok so no one is getting the 400 bucks but what about people looking to buy places that advertise tax abatements? I don't quite know if that program is part of this cut? I mean Bloomberg couldn't cut that without a heads up right? [less]