New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

New York & Tri-State  | 

REBNY Blasts Proposed Pied-a-Terre Tax

The Real Estate Board of New York is opposing a proposed new state-level tax on wealthy owners of part-time homes in the city, warning that tax collections would slip if the bill were enacted.

REBNY president John Banks told the Wall Street Journal the so-called pied-a-terre tax was a “bad tax that has no analysis behind it.” He said that if wealthy foreigners stay away from the city, it could cut into revenues of local businesses ranging from restaurants to taxis, and hurt apartment values. Condo and co-op sales fell 12% last year.

The measure, which has the support of Gov. Andrew Cuomo, could be enacted in the next few weeks as legislators seek new sources of revenue to close a large budget gap.

The nonpartisan Citizens Budget Commission has urged the state to take more time to study potential impact of the measure before acting, according to the WSJ.

Pictured: Central Park Tower

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Read more at WSJConnect With REBNY's Banks

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy