- REAL ESTATE EDUCATION
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NY POST --Another city property tax
September 24, 2014
Is investing in New York City a bad thing? Some progressives seem to think so: They’re looking to tax it.
The left-leaning Fiscal Policy Institute and state Sen. Brad Hoylman are pushing a new tax aimed at foreigners who have the “audacity” to shell out big money on city apartments.
Under the plan, the city would levy a surcharge of between 0.5 percent and 4 percent on city co-ops and condos worth $5 million or more. The presumption is that most of these units are owned by foreigners and used as pieds-à-terre.