""It's possible that there's some new units that come on the market as a result of this, but I'd be willing to bet this is meant to be a tax generator.""
""There's such high demand that people who can afford more are willing to pay however much they need to to live where they want.""
""$500 million is a good start, but it would only cover a fraction of the city's budget gap.""
Mayor Zohran Mamdani and Governor Kathy Hochul proposed a tax on pieds-a-terre homes worth over $5 million owned by non-residents. This initiative aims to generate $500 million annually to address the city's budget gap and fund affordability measures. The proposal has faced backlash from business leaders and right-leaning politicians. Unlike other cities with similar taxes, New York City's low vacancy rate means the tax is unlikely to significantly increase housing supply. Analysts suggest the primary goal is revenue generation from wealthy out-of-city homeowners.
Read at www.businessinsider.com
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