""Even the discussion of a 9.5% hike is enough to influence buyer behavior and cause irritations in the market," Douglas Elliman's Ben Jacobs told Fox News Digital. "Some buyers have considered Nassau, Westchester, Long Island, and even Florida or Texas as alternatives because they just don't agree with [NYC] politics." " The mention of a 9.5% hike can pause decision-making, especially for those weighing options in the suburbs or out-of-state markets. We're already seeing clients seriously evaluate alternatives in Nassau, Westchester and beyond, factoring taxes heavily into affordability calculations,""
""Today, I'm releasing the City's preliminary budget. After years of fiscal mismanagement, we're staring at a $5.4 billion budget gap - and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City's disposal," Mamdani said in a Tuesday post on X."
New York City's mayor projects a $5.4 billion budget gap and presents two options: Albany taxes on the ultra-wealthy and profitable corporations, or a last-resort 9.5% property tax increase that would fall on working people. Real estate professionals warn the proposed hike could deter buyers, slow transactions, and push residents toward suburbs or low-tax states such as Florida and Texas. Brokers report clients evaluating Nassau, Westchester, Long Island, and out-of-state alternatives, citing taxes in affordability calculations and a tangible 'Mamdani Effect' that can pause deals and prompt relocation decisions.
Read at Fox Business
Unable to calculate read time
Collection
[
|
...
]