Mayor de Blasio likely to nix pied-à-terre tax

"The absentee-landlord tax is a nonstarter," source says

New York /
Dec.December 10, 2014 01:20 PM

Mayor Bill de Blasio is expected to reject proposed legislation to levy a tax on pieds-à-terre.

“My understanding is a luxury tax for absentee landlords is not going forward,” an unnamed source told the New York Post. “The absentee-landlord tax is a nonstarter.”

The mayor’s office is reviewing the proposal as it prepares its legislative agenda for the state. State Senator Brad Hoylman announced in September he would formally present a plan by the Fiscal Policy Institute in January allowing the city to tax pieds-à-terre. The rate would be escalating, depending on the value of the property. Homes owned by non-residents worth between $5 million and $6 million would be subject to a surcharge equal to half a percent of the value of the unit.

Real estate insiders have expressed concern that the tax would impact buyer sentiment at various price points and slam the luxury market. [NYP]Mark Maurer


Related Articles

arrow_forward_ios
Vornado’s Roth reportedly bat down de Blasio’s plans for Fifth Ave. busway
Vornado’s Roth reportedly bat down de Blasio’s plans for Fifth Ave. busway
Vornado’s Roth reportedly bat down de Blasio’s plans for Fifth Ave. busway
Attorney General Letitia James and Mayor Bill de Blasio (Getty)
Tish James, Council ask mayor to delay lien sale that he just OK’d
Tish James, Council ask mayor to delay lien sale that he just OK’d
‘Paying the severance would have cost more’: New law pushes hotels to reopen
“Paying the severance would have cost more”: New law pushes hotels to reopen
“Paying the severance would have cost more”: New law pushes hotels to reopen
Department of City Planning's Anita Laremont (iStock)
City Planning votes to restrict hotel development
City Planning votes to restrict hotel development
Mayor Bill de Blasio (Getty, iStock)
Mystery group sues to stop de Blasio from restricting hotel development
Mystery group sues to stop de Blasio from restricting hotel development
Photo Illustration of New York Mayor Bill de Blasio (Getty)
New York Mayor Bill de Blasio starts renovation work on Park Slope home
New York Mayor Bill de Blasio starts renovation work on Park Slope home
(Getty)
De Blasio commits $90M more to rebuild Chinatown community center
De Blasio commits $90M more to rebuild Chinatown community center
Council member Adrienne Adams and Mayor Bill de Blasio (Getty, Facebook via Adams)
Task force lays out possible changes to city’s tax lien sale
Task force lays out possible changes to city’s tax lien sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...