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Started By
Message
Mamdani property tax on second homes approved by NY statehouse.
Posted on 5/28/26 at 9:38 am
Posted on 5/28/26 at 9:38 am
quote:
New York City’s new tax on second homes will more than double property taxes owed by many wealthy luxury apartment owners, according to tax experts.
State lawmakers on Wednesday passed the tax on non-primary residences in order to help close the city’s budget gap. The so-called pied-a-terre tax will be imposed on second homes valued at $1 million or more. It’s expected to raise $500 million in revenue.
https://www.cnbc.com/2026/05/28/new-york-mamdani-pied-a-terre-tax-passes.html
16
Posted on 5/28/26 at 9:47 am to loogaroo
Posted on 5/28/26 at 9:55 am to theballguy
The plan is coming together for NYC. Making it a large failed city has all the potential the Muslims and liberals could hope to live in
Posted on 5/28/26 at 9:56 am to loogaroo
I don't own that condo, my LLC does.
Posted on 5/28/26 at 9:58 am to loogaroo
How do they distinguish between a "second home" and an "investment property"?
Posted on 5/28/26 at 9:59 am to theballguy
Very smart. Downward pressure on the value of homes as the markets size drops dramatically and the number of people leaving goes up. He has already implemented his plan to drive out food stores. Those taxes they pay will get smaller every year. And the icing on the cake is he made it legal to steal and squat.
So yeah, unless you are rich you will be screwed and if you are rich you will be screwed.
The gov't will soon own just about everything in NYC And the people outside of NYC will continue to foot the bill for those within as continued subsidies will be required to keep NYC afloat.
The only bad news in all of this is those stupid ______ are going to be forced to leave NYC and infect the rest of the country.
So yeah, unless you are rich you will be screwed and if you are rich you will be screwed.
The gov't will soon own just about everything in NYC And the people outside of NYC will continue to foot the bill for those within as continued subsidies will be required to keep NYC afloat.
The only bad news in all of this is those stupid ______ are going to be forced to leave NYC and infect the rest of the country.
Posted on 5/28/26 at 10:01 am to loogaroo
They tried this before in other places.
Rent doesn't become more affordable. But the city will get more money to waste.
Rent doesn't become more affordable. But the city will get more money to waste.
Posted on 5/28/26 at 10:02 am to Bjorn Cyborg
quote:
How do they distinguish between a "second home" and an "investment property"?
If you rent the apartment to tenants who use it as their full-time residence, the apartment will not be subject to the tax.
This post was edited on 5/28/26 at 10:19 am
Posted on 5/28/26 at 10:03 am to LemmyLives
quote:
don't own that condo, my LLC does.
What difference does that make?
Posted on 5/28/26 at 10:05 am to loogaroo
quote:
It’s expected to raise $500 million in revenue.
They ain’t getting that much. The question is how much less than that they get and how many other problems this causes in the process, like chasing earners out of state.
Posted on 5/28/26 at 10:06 am to dgnx6
quote:
They tried this before in other places.
Rent doesn't become more affordable
I don’t think that’s one of the goals, is it?
Posted on 5/28/26 at 10:10 am to dgnx6
quote:I lived in Venezuela SA for 5 years and watched Hugo Chavez go with the Original Mamdani playbook....How did that workout,
They tried this before in other places.
Rent doesn't become more affordable. But the city will get more money to waste.
Gotta love the Liberal, this BS they arent even Original , its funny I watched all the wealth Exit for Miami in 2000
This post was edited on 5/28/26 at 10:12 am
Posted on 5/28/26 at 10:14 am to loogaroo
I must be psychic. This is what I said in the thread just the other day, about him taking properties from landlords and giving them to 'stewarts'.
That's how it starts. Then it morphs into: "This greedy person owns two houses and they aren't even using the second one. Should we allow someone to have two houses they can't even use when someone else doesn't even have one house to live in?"
That's how it starts. Then it morphs into: "This greedy person owns two houses and they aren't even using the second one. Should we allow someone to have two houses they can't even use when someone else doesn't even have one house to live in?"
Posted on 5/28/26 at 10:18 am to LemmyLives
quote:
I don't own that condo, my LLC does.
Then you owe even more tax because no homestead exemption.
Posted on 5/28/26 at 10:20 am to teke184
quote:That would require them to
The question is how much less than that they get and how many other problems this causes in the process, like chasing earners out of state.
A - actually think about what they’re doing
B - believe rich people will leave
They don’t do either.
Posted on 5/28/26 at 10:23 am to llfshoals
Every Socialist scheme starts with punishing the “wealthy”. Eventually everyone is “wealthy”. Fools never learn.
Posted on 5/28/26 at 10:24 am to LemmyLives
You do not understand how any of this works.
Posted on 5/28/26 at 10:25 am to SloaneRanger
quote:
What difference does that make?
Turns it into a tax deductible loss.
You just rent it from your LLC which pays the upkeep.
LLC breaks even.
Posted on 5/28/26 at 10:27 am to Narax
quote:
Turns it into a tax deductible loss.
You just rent it from your LLC which pays the upkeep.
LLC breaks even.
If you’re renting the property, then the property is not subject to this tax, regardless of whether it’s owned in your name individually or through an LLC.
Posted on 5/28/26 at 10:29 am to Mo Jeaux
Well, look who is trying to defend it?! I can’t believe my lying eyes lol your slow morph into SFP is amusing
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