The Real Deal New York

SALT deduction cap discontent boosts Fairfield County housing inventory

February 27, 2019 03:39PM

Approximately 1,100 homes were on the market in Fairfield County in January — 10 percent more than were listed during the same time last year, the News-Times reported, citing data from William Pitt Sotheby’s International Realty. The increased inventory comes amid lingering discontent over the late 2017 tax overhaul that put a $10,000 cap on the federal deduction for state and local taxes (SALT). Bloomberg reported this week that 10.9 million people are losing out on SALT tax breaks. Connecticut’s U.S. senators, Richard Blumenthal and Christopher Murphy, have thrown their support behind a new SALT bill — Stop Attacking Local Taxpayers — that would eliminate the cap, one that Blumenthal called “devastatingly unfair” to homeowners in his state. Fairfield has seen year-over-year increases in monthly housing inventory since August, according to the News-Times, which noted that this spring could be one of the most competitive seasons in years for sellers. [News-Times]