"The pied-a-terre tax appears to be a compromise between the governor and mayor to tax the rich that don't vote here. They get to vote in favor of a tax, and they can say to their voters, you're not paying for it."
"Mamdani, who is backing the governor's proposal, said the pied-a-terre tax levied on the ultra-wealthy and global elites will help balance the city's multibillion-dollar budget deficit."
"The real estate industry says targeting the ultra-wealthy and global elites represents a short-sighted budgetary maneuver that will only serve to drive away an important portion of the city's tax base."
Governor Kathy Hochul proposed a tax surcharge on second homes in New York City valued at $5 million or more, aiming to generate $500 million annually. This proposal follows a conflict with Mayor Zohran Mamdani over budget strategies. Mamdani supports the tax as a means to address the city's budget deficit, targeting wealthy non-residents. However, the real estate industry warns that this approach could drive away affluent residents, reduce property values, eliminate construction jobs, and ultimately harm the city's economy.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]