Bloomberg Says No Tax Breaks for Chase

Mayor Bloomberg doesn't think JP Morgan Chase should get special tax incentives to build a tower near the World Trade Center site.

REPORTER: He says lower Manhattan's real estate market has become more competitive. Bloomberg says the possibility of Chase building a 50-story building near ground zero is more proof that downtown has become competitive again.

BLOOMBERG: The private sector thinks that it's in their interest to build downtown. That's the verification of everything we've been trying to do with our 5 borough strategy of diversifying our economy.

REPORTER: In 2004, Goldman Sachs got $115 million dollars from the city and state, and $1.6 billion in tax-free Liberty Bonds to build its tower.