WATCH: What’s at stake with Albany’s proposed pied-à-terre tax

Though the tax won't make it into the state budget due April 1, it could be pushed through at a later date

TRD New York /
Mar.March 29, 2019 03:45 PM

UPDATED, March 29, 2018, 6:35 p.m.: What’s behind the sudden revival of Albany’s proposed pied-à-terre tax and why is the real estate industry so concerned?

Gov. Andrew Cuomo has expressed his commitment to the legislation following a recent report that suggested the momentum behind the tax was waning. Under the current original proposal, nonresidents who own homes with a market value of at least $5 million would be charged an annual fee. Brokerage executives have warned such a tax would hurt the city’s already soft luxury market, particularly among new developments.

In a press conference early Friday evening, the governor announced that the legislature was working on a replacement tax — a transfer tax — to include in the budget. Though pied-à-terre won’t make it into the budget, which is due April 1, it could be pushed through at a later date.

In part one of a two-part series, reporter Erin Hudson and producer Adam Pogoff ask a lawyer and appraiser — both of whom stand to gain from the tax being enacted — what’s worrying them and why.

Watch the video above to see what they said.

Update: This story has been updated to include the news that a transfer tax would be included in the state’s budget.


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Facebook CEO Mark Zuckerberg (Getty)

“Large pools of talent”: Mark Zuckerberg touts remote-work plan

“Large pools of talent”: Mark Zuckerberg touts remote-work plan
16 Sutton Place (Credit: Google Maps)

Sutton Place co-op in turmoil over terrace fees

Sutton Place co-op in turmoil over terrace fees
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
arrow_forward_ios

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

Loading...