NY Dirt: Latest pied-à-terre update like “a night at improv”
There’s been a lingering open question of how the city will implement a pied-à-terre tax. After Gov. Kathy Hochul’s latest proposal to legislators, it seems the question will remain open for two more years. The governor put forward a “two-step” plan, as reported by the New York Times. The first step will involve taxing condo and co-op second homes that have a “market value” of at least $1 million, as determined by the Department of Finance. The governor’s office said that benchmark — calculated by the DOF using a statistical model based on comparable rental units — should roughly translate […]
This article originally appeared on The Real Deal. Click here to read the full story.
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