Comment by tekla
4 hours ago
I dunno why anyone thinks this matters. https://comptroller.nyc.gov/reports/the-pied-a-terre-tax-and...
"We find that, before adjusting for these factors, our choice of tax rates and brackets could raise almost exactly $500 million from a little over 11,200 properties. However, revenues could be reduced to between roughly $340 million and $380 million based on assumptions on exclusions for rented units and behavioral changes following the imposition of the tax."
It's all media feel goodsies but not actually do anything substantive.
So it'll still raise at least 300 million? Sounds like a great thing to me. I dunno why you think it doesn't matter.
Unlocking extra housing is the real boon, the tax revenue is the bonus.
I think that this has the benefit of both raising a non trivial amount of money as well as reducing housing demand from the wealthy in a supply constrained market
From what I know this is going to be challenged in the court and it probably it is not going to pass the legal challenge (renting part is one interesting loophole - I think that one caused similar tax law in SF to be struck down).