TRD PolicyPro: Mamdani pitches more real estate taxes, luxury building workers eye walkout

"As part of his efforts to close New York City's multi-billion dollar budget gap, Mayor Mamdani is pitching Albany lawmakers on a new trio of real estate taxes. One proposal would raise the real property transfer tax on cash-only deals over $1 million. Another would create a property tax surcharge of 1 percent on Class 1 and Class 2 properties with a market value of $5 million or more."

"The three proposals would generate an estimated $1.2 billion in new revenue for the city, according to analysis from the mayor's office. The Mamdani administration floated the preliminary details to Albany lawmakers last week in a memo exclusively shared with and reviewed by The Real Deal."

Mayor Mamdani is advancing three real estate tax proposals to Albany lawmakers to address New York City's multi-billion dollar budget deficit. The first proposal raises the real property transfer tax on cash-only deals exceeding $1 million. The second creates a 1 percent property tax surcharge on Class 1 and Class 2 properties valued at $5 million or more. The third increases the mansion tax and supplemental tax on residential properties exceeding $5 million. These measures are projected to generate approximately $1.2 billion in new revenue. Additionally, luxury building workers prepare for strike negotiations, the City Council approves cellar apartments in new residential construction, and State Senator Luis Sepulveda introduces legislation guaranteeing legal counsel in eviction proceedings.

Read at therealdeal.com