NY Dirt: Owners have a lot of pied-à-terre questions
Mayor Zohran Mamdani’s pied-à-terre tax already has homeowners, lawyers and realtors pleading for greater clarity and transparency. The Department of Finance held a public comment hearing Thursday, and many parties shared their thoughts and concerns — here are just a few. The new surcharge on second homes amounts to a “confiscatory and half-baked money grab,” said Peter Blond, a partner at Brandt, Steinberg, Lewis & Blond LLP. “When there is a significant renovation, let’s say a $20 million penthouse renovation, DOF practice in a cooperative setting has no choice when they wish to assess a physical alteration, as they must […]
This article originally appeared on The Real Deal. Click here to read the full story.
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