Lawmakers pitch higher transfer taxes, housing reform in budget bills

Democratic lawmakers want to raise taxes on corporations and high earners to help Mayor Zohran Mamadani close the city’s $5.4 billion budget deficit. The Democratic majorities of the state Senate and Assembly are proposing raising taxes in their respective one-house budget bills, resolutions that set the stage for budget negotiations but are non-binding.  Both chambers pitch increases on the transfer tax rate on sales of one- to three-family homes valued at more than $5 million in New York City. The rate would increase for such deals from 1.425 percent to between 3.675 and 5.325 percent, depending on the price.  The […] This article originally appeared on The Real Deal. Click here to read the full story.