New York leaders discuss Fahy proposal for local pied-à-terre tax
Updated
Updated · Gothamist · May 2
New York leaders discuss Fahy proposal for local pied-à-terre tax
10 articles · Updated · Gothamist · May 2
The plan would let municipalities tax non-primary homes averaging at least $5m over five years at 0.5% to 4%, with revenue split between local governments and the state's AIM fund.
Fahy says resort areas including Lake George and the Finger Lakes face soaring prices, vacant homes and short-term rentals that have priced out local workers and families.
Hochul proposed a similar New York City tax expected to raise up to $500m, but doubts the statewide idea will enter the budget, despite openness from Stewart-Cousins and Heastie and Republican opposition.
Could a statewide luxury second home tax genuinely make housing more affordable, or will it just drive owners to find loopholes or leave New York?
What legal and valuation challenges might derail New York's proposed pied-à-terre tax before it ever takes effect?