“It’s going to hurt”: NYC resi players push back on proposed cash sales tax

Cash is king in New York City residential real estate, and could spell the next frontier for state lawmakers looking to levy new taxes.  News circulated on Thursday that New York legislators have been considering a tax on homes in the five boroughs bought for $1 million or more without financing, a measure that would require buyers to pay an additional 1 percent on the deal price.  The proposal is projected to bring in $160 million annually, and it joins other moves by the state to help fund the city’s budget deficit with a $4 billion package. However, other details […] This article originally appeared on The Real Deal. Click here to read the full story.