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Cuomo: System Fix Could Be Funded By Tax On Property Near Subway Stations

NEW YORK (CBSNewYork) -- If you live or own a business near a subway station, you could be looking at a tax hike.

Property values near a subway station are better than those not near a subway. Governor Andrew Cuomo suggested that taxing that added value might be a way to pay for the subway system's long overdue repairs.

"Why didn't we fix them earlier? Because it costs billions of dollars, and nobody wanted to spend the billions of dollars. So the question becomes, how do you finance? And this would a vehicle to finance," he said.

He said Mayor Michael Bloomberg did this to develop the west side, so he put the idea out there. He said the city would need to be on board, or else it can veto the idea.

Mayor Bill de Blasio has long suggested a millionaire's tax to pay for the subway fix.

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