This power shift is part of a larger story about rising inequality and shrinking democracy. One reason the wealthy are flush with cash is that they’ve paid historically low taxes in recent decades, which helps explain why government can’t afford to do big things. A small step toward rebalancing things would be to tax capital gains — the source of much of the wealth of the superrich — at the same rate as regular income, and then dedicate most of that money to rebuilding our eroding infrastructure.
As for ensuring that all New Yorkers have equal access to good public parks, we should require private parks conservancies to chip in to rehabilitate parks in low-income parts of the city, just as developers are expected to help finance affordable housing. If we want even the semblance of equity in civic spaces, new ways must be found to pay for it.
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