Photo: deberarr/Getty Images/iStockphoto New York City is among the most expensive and competitive housing markets on earth, and it has also been among the most hard hit by COVID-19 — the long-term implications of which are still unclear. In certain ways, the very idea of the place as it has developed is under threat: its density, its glitzy globalism, the parts that make it a kind of adult playground for “creatives,” tech bros, and people who work in finance.
Then in 2019, New York State passed a law that levies a onetime sales tax on purchases of homes selling above $1 million. The rate for the so-called mansion tax gets progressively higher as the property gets more expensive; a price between $1 million and $2 million would receive a one percent tax, for example, and homes selling around the $25 million mark carry a 4.15 percent tax.
The floodgates opened in the sales market when the lockdown was lifted. With the housing market all but closed during the spring, house hunters missed out on what is traditionally its busiest season. And when the lockdown ended, this pent-up demand was unleashed and then some. The summer season was full of the usual buyers, plus the people who wanted to buy in the spring but couldn’t, giving the market a double dose of demand.
NYC’s housing market is really two markets. The trend of a migration to Brooklyn and the suburbs should really be looked at in terms of price point. The New York real-estate data provider UrbanDigs notes that listings above $2 million are lingering longer than they were, and some owners are even taking them off the market. But homes priced below $2 million are selling as inventory has come to market, keeping prices stable.
Former owners died in nursing homes? While Baby Doc Cuomo enjoys 80% approval?
NY Mag once again identifying with the common person.
This article is full of lies, no one wants to live in Manhattan and RE agents are offering 3 months free in a lot of places.
I’ll tell you. Now you have no choice to rent to locals. Bye bye 👋 midwesterners
Can you write one about Boston plz?