Andrew Cuomo: “It saved over $30 billion to homeowners.”

“And you had some areas in the state where they were going up 6%, 7%, 8% every year. And we had a 2% cap. It saved over $30 billion to homeowners. New York City refused to have the cap because they wanted the ability to raise taxes higher than 2%. I would pass the 2% property tax.” (13:31–13:36)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.