“Terribly sloppy”: NYC brokers grapple with new pied-à-terre tax
New York City is facing a new tax on luxury second homes — and the brokers who trade them have mixed feelings about its impact. Earlier this week, legislators approved an annual levy on pieds-à-terre worth $5 million or more as part of the state’s budget. The tax will go into effect on July 1. The move came after many in the industry pushed back against the proposal, expressing frustration over the lack of details shared ahead of the vote. A full copy of the legislation was released just a few days before lawmakers passed it. “Terribly sloppy, reckless style […]
New York City is facing a new tax on luxury second homes — and the brokers who trade them have mixed feelings about its impact. Earlier this week, legislators approved an annual levy on pieds-à-terre worth $5 million or more as part of the state’s budget. The tax will go into effect on July 1. The move came after many in the industry pushed back against the proposal, expressing frustration over the lack of details shared ahead of the vote. A full copy of the legislation was released just a few days before lawmakers passed it. “Terribly sloppy, reckless style […]
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