Seems taxing million-dollar homes in NYC is only the beginning

T. A. Gardner

T. A. Gardner

Serial Thread Killer
NY's state government wants to slap a tax on all $1 million + cash home purchases now. Of course, this isn't going to work like they think it will. I can see purchasers of such homes slapping down say $990,000 in cash and taking out a mortgage on the rest then paying that off in full a year later avoiding the tax.


gothamist.com

Lawmakers plan tax on NYC cash home sales, as Hochul details pied-a-terre plan

The governor laid out the details of her proposed tax on NYC second homes, a month after she backed it.
gothamist.com gothamist.com

There's already specialty companies that will help New Yorkers avoid property and other taxes on their properties.

Ownwell: Lower Your Property Taxes

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The Left never learns...
 
At its core, proposals like this are an attempt for politicians to look like they are addressing affordability issues without building new housing.
 
cawacko said:
At its core, proposals like this are an attempt for politicians to look like they are addressing affordability issues without building new housing.
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You got the “attempt for politicians to look like” part correct, but in the end most don’t amount to what is promised, and it isn’t just NY politicians, they all do it across the country to some degree, especially these days where honesty isn’t valued
 
archives said:
You got the “attempt for politicians to look like” part correct, but in the end most don’t amount to what is promised, and it isn’t just NY politicians, they all do it across the country to some degree, especially these days where honesty isn’t valued
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Generally speaking, I don't disagree. But I was speaking specifically about housing.

A lot of places in this country have a real affordability issue with housing. The best long term way to address it is through additional supply.

The problem is many local communities push back on new development, so politicians turn to proposals like this because it lets them look like they are addressing affordability without actually building more housing.
 
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