""I think it's a horrible idea that's going to backfire," says Rachel Glazer, a Compass broker with a history of eight-figure sales across Manhattan. Trophy apartments like the ones the Ken Griffins of the world seem to collect make up a 'good chunk' of Glazer's business. She believes the tax will mean fewer sales, translating into fewer transfer and mansion taxes. The general mood in her corner of the market was clear: 'I'm not happy. Buyers are not happy.'"
"Noble Black, a broker at Corcoran, agrees with Glazer's concerns. He states, 'Everyone is talking about it. I'm not saying this is going to kill the city, but it's a very negative proposal and poorly thought through.' He has already received inquiries from pied-à-terre owners considering selling, but he advises them to wait and see how the situation develops."
Kathy Hochul supports a new tax on pied-à-terres in New York City valued at $5 million or more, projected to generate $500 million annually. While the proposal has public backing, it faces criticism from luxury real estate brokers who fear it will lead to fewer sales and decreased tax revenue. Brokers express concerns that the tax could negatively impact the market, prompting potential buyers to reconsider their investments in the city.
Read at Curbed
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