Mayor Mike’s meeting with his Hong Kong counterpart, C.Y. Leung, was postponed yesterday because of the ruckus involving a would-be American defector hiding out in the former British colony.
What a missed opportunity. Hong Kong and New York are each skyscraper cities with similar populations and similar challenges. Though there are many comparisons, the one New Yorkers might appreciate is between the two subway systems.
Our system is old, grimy and perpetually stretched for funds. In sharp contrast, Hong Kongers travel underground on cars that are clean and bright and through a system that is expanding. Not only that, the Hong Kong Mass Transit Railway, which was partially privatized in 2000, is listed on the local stock exchange and actually turns a profit. And, by the way, it’s run by the former head of New York’s Metropolitan Transportation Authority, Jay Walder.
It’s not just the subway. Anyone who drives to Hong Kong island via the Western Harbor Crossing enjoys a gleaming tunnel. By contrast, the grotty jaunt through the Lincoln Tunnel everywhere screams: This is a government-run enterprise.
Oh, one more thing. In Hong Kong, the top marginal tax rate on individuals is 17 percent — with no withholding, no capital gains and no tax on dividends. Compare that to here, where the top rate for combined federal/state/city taxes is 51.7 percent.
So Hong Kong taxes less yet manages to build more modern and more efficient infrastructure in a more timely way. Surely there’s a lesson here. For the sake of Gotham’s quality of life, let’s hope Bloomberg reschedules quickly.