The last decade may have been awesome for the Fat Cats of commercial real estate -- but the next one isn't looking as promising.

Tax breaks designed to spark commercial real estate development in New York City amounted to $500 million last fiscal year, and the last 10 years saw such tax breaks more than double, according to Reuters, which recapped an Independent Budget Office report issued today.

Unfortunately for commercial real estate developers -- who are already languishing, thanks to the scarcity of financing -- state-wide reforms advocated by Mayor Bloomberg that kicked in this June are expected to shrink those tax breaks:

The Independent Budget Office said its study "provides strong evidence that (the) Industrial and Commercial Incentive Program benefited a far broader group with more generous benefits than might have been necessary to meet the policy goal.

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In an unusual arrangement, the City Council on Thursday voted to let a Long Island City business take advantage of tax breaks that usually go along with the Empire Zone in Jamaica.

The concept of these "regionally significant projects" is a little controversial, since Empire Zones are set up to benefit a particular neighborhood or region.  read more »