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re: Mamdani property tax on second homes approved by NY statehouse.
Posted on 5/28/26 at 12:08 pm to loogaroo
Posted on 5/28/26 at 12:08 pm to loogaroo
The scheming to get around this will cost the city money in the end. You’ll have some that will bail… most will use a corporate structure to place the home in a trust as most probably already are, maybe an llc… they then will find a way to work around the tax increase through possibly a tenet agreement, or maybe using some historical registry designation but they will spend money enriching lawyers and CPAs rather than give it to NYC..
The city will spend millions chasing this regulatory mess that they created wasting money and resources and driving thst wedge deeper.
The city will spend millions chasing this regulatory mess that they created wasting money and resources and driving thst wedge deeper.
1
Posted on 5/28/26 at 12:11 pm to TROLA
quote:
The scheming to get around this will cost the city money in the end.
Maybe.
quote:
most will use a corporate structure to place the home in a trust as most probably already are, maybe an llc
How would these things get around the tax?
Posted on 5/28/26 at 12:14 pm to Mo Jeaux
quote:
No.
Why not?
Posted on 5/28/26 at 12:15 pm to Bard
quote:
Why not?
You ignored the full-time residence part.
Posted on 5/28/26 at 12:19 pm to Mo Jeaux
quote:
How would these things get around the tax?
I’m not going to waste my time explaining to you how unless you want to pay me a consulting fee. Do the research yourself as this isn’t a simple issue and requires a intimate knowledge of NYC property laws on the books dating back 150+ years..
Posted on 5/28/26 at 12:20 pm to loogaroo
quote:
second homes valued at $1 million or more.
So pretty much every second home in NYC
This post was edited on 5/28/26 at 12:22 pm
Posted on 5/28/26 at 12:21 pm to loogaroo
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 nonprimary residences in order to help close the city’s budget gap.
This article is terribly written.
Did state law makers pass a tax that affects only NY City?
Or is it only on 2nd homes that are in NYC? I can't see how state lawmakers can pass taxes on a particular city?
Wait, this is to close NY City's budget gap? I thought NYC was bragging about having a balanced budget .....thanks only to NY states bailout of billions.
Posted on 5/28/26 at 12:22 pm to Mo Jeaux
quote:
You ignored the full-time residence part.
If it's listed as a rental, that doesn't matter. There's currently no law in NYC which mandates landlords give the city information on to whom they rent.
If Mamdani's new law amends that, then that's different.
Posted on 5/28/26 at 12:23 pm to TROLA
quote:
I’m not going to waste my time explaining to you how unless you want to pay me a consulting fee. Do the research yourself as this isn’t a simple issue and requires a intimate knowledge of NYC property laws on the books dating back 150+ years..
Translation: “I don’t actually know, I was just bullshitting, and now I’m deciding to be an a-hole.”
Posted on 5/28/26 at 12:23 pm to TROLA
No, man. There’s a big database of homes that are second homes over $1M and they’re just gonna send out invoices. Easy.
Posted on 5/28/26 at 12:28 pm to Nosevens
quote:
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
When this and every other hair brained scheme fails the plan is a gov't bailout because, "NYC is too big to fail".
Posted on 5/28/26 at 12:29 pm to Smeg
quote:
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?"
At that point the 2nd home owner would just sell it.
I still can't figure out is this just going to impact those 2nd homes in NYC? I didn't know it would be legal for state lawmakers to discriminate against homeowners in a particular city.
Posted on 5/28/26 at 12:32 pm to Mo Jeaux
quote:
Translation: “I don’t actually know, I was just bullshitting, and now I’m deciding to be an a-hole.”
Uhhh. Exactly. Im not a NYC resident nor do I pretend to have the complete knowledge base here…. so I don’t know how they will do it but you’re the dumbass that thinks the brightest minds in finance, big law, big tax consulting won’t figure it out?
Posted on 5/28/26 at 12:36 pm to TROLA
quote:
Uhhh. Exactly. Im not a NYC resident nor do I pretend to have the complete knowledge base here…. so I don’t know how they will do it but you’re the dumbass that thinks the brightest minds in finance, big law, big tax consulting won’t figure it out?
Uh, where did I say that? Keep your eye on the ball. You made a claim about trusts and LLCs, and I said that generally would not work. Don’t make up an argument that I’m not making.
This post was edited on 5/28/26 at 12:36 pm
Posted on 5/28/26 at 12:43 pm to Mo Jeaux
quote:
I said that generally would not work. Don’t make up an argument that I’m not making.
Then like you. I’d like a detailed reason why it won’t work. Have you even read the actual changes in detail? Site references… site cases for your reasoning. What level of expertise do you have in NYC property laws? Etc, etc…. Because that’s what you’re asking anyone who disagrees with you to seemingly produce.
I’m stating clearly. This is fools gold…
Posted on 5/28/26 at 12:46 pm to TROLA
quote:
Then like you. I’d like a detailed reason why it won’t work. Have you even read the actual changes in detail? Site references… site cases for your reasoning. What level of expertise do you have in NYC property laws? Etc, etc…. Because that’s what you’re asking anyone who disagrees with you to seemingly produce.
You’re flailing.
Posted on 5/28/26 at 12:53 pm to Mo Jeaux
quote:
You’re flailing.
Here I was thinking that you actually had something to bring to the table. My apologies… you are a to simple.
Posted on 5/28/26 at 12:55 pm to TROLA
quote:
Here I was thinking that you actually had something to bring to the table
I’ve been posting accurate information about the tax.
quote:
you are a to simple.
*too. And earlier, you meant “cite”.
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