A pied-à-terre tax could generate $100 million a year, according to New York State Senator Brad Hoylman, who is sponsoring the legislation.New York State legislators are reconsidering an annual tax on second homes in New York City costing over $5 million.
New York State Senator Brad Hoylman, a Manhattan Democrat who is sponsoring the legislation, told Business Insider the tax could generate $100 million a year. Add another worry to the growing list of woes facing New York City's struggling real estate industry. The tax, if implemented, could be an indication of the way legislators may seek to levy real estate to try to raise revenue as government deficits spiral amid the coronavirus crisis.
That plan received heavy blowback from the city's politically influential real-estate industry and was shelved in favor of an agreement to instead raise a one-time charge known as the mansion tax on home purchases above $2 million and lift a separate transfer tax on purchases above $3 million. Real estate executives said a recurring fee for owning second homes would damage pricing and demand for upper-tier apartments. In Manhattan, especially, there is already a glut of high-end units that had been languishing before the COVID-19 crisis. Those apartments face an even tougher sell as many upscale city residents have migrated to the suburbs, according to recent residential sales data.
Meanwhile, contract signings were up by 26.6% on Long Island, N.Y., 50.7% in New York's Westchester County, and 11% in Fairfield, Conn., in August versus the same month the year prior, according to Miller Samuel data. In the Hamptons, the tony south-shore residential enclave on the east end of Long Island, contract signings for homes jumped 104.2% in August compared to the same month the previous year, according to Miller Samuel data.
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