The pied-a-terre tax is making a comeback. Is the 3rd time the charm?
On Wednesday afternoon, Holyman tweeted, “As long as billionaires are buying apartments in our city, taking advantage of our infrastructure and pushing longtime residents out of their neighborhoods so they can have $238 million mansions in the sky, we’ll need a pied-à-terre tax. It is definitely coming back next year.”
The backlash was enough to get the tax removed from the 2019 budget, but an increased mansion tax, plus a new transfer tax, did make it through. According to the Citizens Budget Commission, the new taxes will generate about $365 million per year for the state. “Ultimately, it will negatively impact values in New York by deterring pied-a-terre buyers, which means fewer sales and fewer transfer taxes—or transfer taxes measured at lower values because of the resulting downward pressure on pricing,” Franco said. “The flurry of activity in June prior to the increase in transfer taxes is clear evidence of the impact of such legislation on buyers.
“Everything I am reading is suggesting that many New York City millennials are looking for alternatives and moving to smaller cities like Stamford, New Rochelle and White Plains—which still have the urban appeal but afford a little more space for families,” Swanson said. “If that is true, there will be a greater supply of housing in the City which should reduce pricing overall.
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