The Real Deal New York

State senator to propose bill on pied-à-terre tax

Think-tank report proposed increase on $5M-plus units owned by non-city residents

September 23, 2014 11:30AM

time-warner

Brad Hoylman and Time Warner Center condo

A day after the Fiscal Policy Institute unveiled a report proposing a city tax on uber-luxury pied-à-terres, State Senator Brad Hoylman is set to introduce it as a bill.

Hoylman, a Democrat, said the bill would bring New York City in line with several global cities with comparable surcharges. His district includes residential towers such as 15 Central Park West and Time Warner Center.

Wealthy landlords from outside the city “aren’t paying income taxes, and are utilizing city services, everything from our infrastructure to our police force, and aren’t contributing,” Hoylman told Crain’s.

The Fiscal Policy Institute, a left-leaning think-tank, advised a tax hike on apartments worth more than $5 million owned by non-city residents. The state would have to approve such a tax. [Crain’s]Mark Maurer

  • Question

    Don’t they already pay property taxes?

  • Marc

    “Hoylman, a Democrat” is all I needed to read. They just change the name of the party to “Communist” to better reflect what these morons are.

  • rick real

    Foreign pied-a-terre owners pay property tax, common charges, transfer taxes on the way in & FIRPTA on the way out. Any rent collected is recorded as income, which is taxed. How exactly do they not contribute Senator? All this tax does is make NYC less desirable to wealthy property owners who, like it or not, create many jobs and millions of tax revenue dollars for the city.

    • Who cares? If they want to stop this, they should live in the city, register to vote and pay city income tax.

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