NYC to punish residents who buy luxury condos with 4% ‘mansion tax’

NYC to punish residents who buy luxury condos with 4% ‘mansion tax’
Image: Monopoly Wiki

[Ed. – The Rotten Apple finds yet another way to ensure its eventual fate as a 350-square-mile slum.]

A few months ago, I wrote to you about how New York City wants to tax people who own second homes there.

They call it a pied-a-terre tax, and the geniuses behind it believe that it will help plug the city’s $1 billion budget shortfall.

Bill de Blasio himself, the mayor of New York City, has voiced his enthusiasm in soaking the rich.

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Hedge fund manager Ken Griffin became one of the primary victims of this Bolshevik sentiment when he bought a $268 million condo in the city.

It wasn’t enough that Griffin will already pay millions of dollars in property taxes to the city. The pied-a-terre tax would milk him for another $9+ million per year.

[…]

Real estate agents in New York were rightfully worried the law might crash the luxury market, so they lobbied to shelf the tax.

Lawmakers listened. And then came up with an even dumber idea: the Mansion Tax.

This was just announced last week. So, now, instead of paying the pied-a-terre tax, the Mansion Tax will cost people 4% on the value of luxury homes that they purchase.

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