His prized property, Madison Square Garden, has been fully tax-exempt from the state for the entirety of his ownership. It has reached about $50 million annually that Dolan is keeping from the New York City treasury, simply because he inherited a loophole approved by Mayor Ed Koch over 35 years ago. Koch put in place to keep the Garden's owners from acting on a threat to move the Rangers and Knicks out of Manhattan. (A bill to repeal the exemption was defeated in 2016.)