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

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

Brad Hoylman and Time Warner Center condo
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.

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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