New York is already the highest tax jurisdiction in the country, Governor Hochul has proposed a new pied-à-terre tax on second homes over $5M to fund $500M for NYC.
Why this hurts all New Yorkers:
- Property values drop across the market.
- Higher costs for co-op owners and residents.
- Job losses in construction and buildings.
- Less spending on retail, restaurants, theater, culture.
- Reduces investment in NYC.
- Doesn’t fix NYC’s budget gap.
- It crushes new housing development in the midst of a housing crisis.
This pied-à-terre tax weakens the economy, raises costs, and won’t deliver the revenue promised.
The Governor and state leaders need to hear from you.