Pied-a-Terre Tax Media Roundup

March 7, 2019. As the first of April inches closer, there has been significant buzz about implementing a Pied-a-Terre Tax on non-primary residences in New York City. Pushed by two New York City Council members and two Manhattan state legislators, the tax would apply a surcharge to homes in the City that are not primary residences and are worth more than $5 million. A report by the Fiscal Policy Institute cited that the proposed tax would generate an estimated $665 million annually from co-ops and condos.

  • Pieds-à-terre have long been an issue for the city. The most recent New York City housing and vacancy survey found that the number of infrequently used residences jumped from 55,000 in 2014 to 75,000 in 2017. According to the Fiscal Policy Institute, the proposed tax would generate an estimated $665 million annually from co-ops and condos. It faces opposition from the real estate industry.

Read more at Habitat Magazine.

  • The Fiscal Policy Institute estimates that this tariff would generate in excess of $600 million in annual new revenue for the City. (This is more than half of the estimated proceeds — between $810 million and $1.1 billion — that Governor Cuomo hopes to collect from his congestion pricing plan.)

Read more at eBroadsheet.