Tax & Budget

April 2, 2019. This article discusses New York State lawmakers' opposition to a pied-a-tierre tax and their support for a real estate transfer tax. The article goes on to discuss lobbyists who argued that a pied-a-tierre tax would cause the high-end market to collapse due to the recurring surcharge. According to the article, lawmakers want to implement a real estate transfer tax that would require a one-time fee on all real estate transactions over $3 million. When state leaders rallied this month behind a proposal to tax [...]

April 2, 2019.This article discusses New York State lawmakers' reluctance to implement a pied-a-terre tax and preference for a real estate transfer tax on high value sales instead. The author notes that the pied-a-terre tax was proposed as a way to generate revenue to help fund the Metropolitan Transportation Authority in New York City. The article goes on to discuss that lawmakers plan to target the same people with a real estate transfer tax, specifically those with condos and co-ops valued at over $5 million. According [...]

April 2, 2019. This article discusses the proposed pied-a-terre tax in New York State that would generate revenue to help fund the transportation system in New York City by taxing out-of-state apartment owners in Manhattan. The article highlights that lawmakers are proposing a real-estate transfer tax on all high-end sales, in place of a pied-a-terre tax, to avoid challenges with revenue becoming entangled with foreign ownership rights. The article quotes FPI's executive director, Ron Deutsch, who suggests that the state should consider a combination of a pied-a-terre [...]

March 13, 2019. This article discusses advocates urging New York State to implement a pied-à-terre tax, which would be the United State's first tax on superluxury second homes, or more specifically second homes that cost more than $5 million. The author highlights the sale of a New York City building with penthouses that was sold for $238 million, which is the most expensive residential sale in the United States. The article notes that both houses of the New York State Legislature and Governor Cuomo support [...]

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 [...]

February 11, 2019. Last month, billionaire Ken Griffith closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as “a place to stay when he’s in town.” The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and [...]