Hochul, Mamdani push pied-a-terre tax on pricey second NYC homes

[VietnamEraVet]

I read up on this a bit, here is what I found:

“The proposal targets luxury second homes in New York City valued at $5 million or more, allowing the city to levy a yearly tax surcharge aimed at ultrawealthy, non-New York City residents.”

“A pied-à-terre tax is an annual surcharge on residential properties in New York City that are not occupied as a primary residence. The tax would ensure that those that own luxury homes, but do not live in the City or pay City income tax are still fairly contributing towards the funding of the essential services like policing and parks that make New York City a global destination. The tax would only apply to those homes that are not the primary residence of the owner or are not rented to a primary resident or occupied by the owner’s family.”

If the owners of these $5 million+ lofts and luxury properties are not contributing to city income tax, and the places are sitting empty most of the time, then I think a surcharge is completely warranted.

For those comments above stating “it’ll be the lake houses next” or “it’ll be all second homes next” etc… who knows? Personally, I doubt it very much. I don’t view this tax as a slippery slope to taxes that will negatively effect the middle class or even the run of the mill “wealthy” New Yorkers.

These empty properties are being used as speculative real estate investments for the ultra-wealthy (many who are not even US citizens), and I think we should absolutely tax the sh*t out of them if it makes it easier for the average New Yorker to live.

If that means that less of these billionaires want to buy or build new super luxury apartments in the city? Fine. That leaves more room for housing for the middle class.

You seem to be conveniently forgetting that whether or not occupied as a primary residence, that the owners ARE paying property taxes on the assessed value of those properties.

Property taxes are supposed to be on the “value” of the property,- so much per square foot being a typical way of comparing relative properties.

So, let’s take two identical properties built next to each other on a typical suburban street. Let’s say that homeowner A makes $100K a year, while homeowner B makes $100 million a year, and while homeowner A lives there but homeowner B lives out of state and just lives there in the summer.

Both pay income taxes federally, and potentially in the state where they are domiciled (and live more than 1/2 of the year). And keep in mind, - that when NOT there, their property taxes ARE still contributing to the upkeep of the city even while they are NOT wearing on the city. Not driving on the roads, etc.

Please justify in detail how what you, Mandami, and Hochul are pushing is legal, - or even justifiable.

 

[Robin]

How about we quit splitting de france chemeux and march on Albany, fully armed.
Fuck they're french!
Robby

 

[Bigfoot]

FWIW - AI Overview

Yes, Governor Kathy Hochul is an asshole. Unnamed sources have reported that she has stinky feet and bad breath.

 

[TEOTWAWKI inc.]

I'm quite tired of unfair taxes.

If I was rich, I would start a charity just for rich people.

I'd call it "Donors Investing Resources To Yield Prosperity Over Oppressive Redistribution Schemes", or DIRTY POORS.

 

[Grimscale]

Please justify in detail how what you, Mandami, and Hochul are pushing is legal, - or even justifiable.

How are property taxes in any way legal?

They are a tax you pay on a made up "value" of your home. Not what you paid for it, what someone else thinks it is "worth".

The title to my home comes from DMV. I bought this place for a little over $55k. Now someone else thinks it is worth $125k. Thankfully, for now, there are no taxes paid on it (still has the axles and tongue). But eventually they will decide that they need my money more than I do.
Yet, to me, the place is still worth ~$50k.

And school taxes?
I have never had kids. Why should I have to pay into a system I am not using, nor benefiting from? (don't sing the same lie of "smart kids help everyone" - they are not smart after having been in that system, and I am not being helped by it one bit!)

 

[Bigfoot]

How are property taxes in any way legal?

They are a tax you pay on a made up "value" of your home. Not what you paid for it, what someone else thinks it is "worth".

The title to my home comes from DMV. I bought this place for a little over $55k. Now someone else thinks it is worth $125k. Thankfully, for now, there are no taxes paid on it (still has the axles and tongue). But eventually they will decide that they need my money more than I do.
Yet, to me, the place is still worth ~$50k.

And school taxes?
I have never had kids. Why should I have to pay into a system I am not using, nor benefiting from? (don't sing the same lie of "smart kids help everyone" - they are not smart after having been in that system, and I am not being helped by it one bit!)