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Why REBNY Opposes Pied-à-Terre Tax

REBNY President John H. Banks says the trade association disputes the projected revenue and states how the policy would hurt New York City.

John H. Banks John H. Banks, president of REBNY

NEW YORK CITY—Gov. Andrew M. Cuomo and state legislative leaders have agreed that the pied-à-terre tax levied on the non-primary residence, owners’ second homes worth more than $5 million, would be a good way to address the sharp decrease in state tax revenue, according to The New York Times. The newspaper’s March 11 article by Jeffery C. Mays and Jesse McKinley also reported that the tax is expected to be included in the state senate and assembly budget proposals. The state budget deadline is April 1.

New York City comptroller Scott Stringer projected the tax would raise $650 million. Supporters of the tax say this could be used to raise $9 billion in bonds to help fix the MTA.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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