State lawmakers have introduced a new proposal aimed at eliminating property tax exemptions for various private universities, notably targeting prestigious institutions such as NYU and Columbia University.

The universities have reportedly saved hundreds of millions of dollars thanks to the tax exemptions, which they have then used to acquire additional properties throughout the city. Those investments then saw a significant surge in value over time.

The proposed bills seek to mandate that the private universities begin paying annual property taxes, which the state could then put toward CUNY schools.

New York State Sen. John Liu, who introduced the legislation, joined “Mornings On 1” Tuesday to elaborate on the proposal.