Wild how owning *multiple* homes is normal for the rich, but most folks are just trying to keep one roof over their head.
MountainBaee on
It’s wild that it took this long to actually happen, but it’s hard to feel bad for someone struggling to keep a $5 million apartment empty. If you can afford a penthouse that just sits there as a tax hedge, you can definitely afford to help fund the city services that keep the property value high in the first place.
kungfoojesus on
“I don’t own it, this LLC does. In fact, they’re all owned by different entities. And they rent to each other. And I deduct all of it from my federal taxes.” Or some other fuckery.
Knighth77 on
And this somehow is angering people who make $40k a year.
Fly3rBoi on
How about yachts over 1M, jet aircraft, artwork.
The things billionaires covert and collect.
Luxury tax.
Common-Addendum-4349 on
While I applaud the effort, I think the rich will just set up shell companies and call it a rental property (that they just happen to stay in when they want). Make it a commercial buisness, not a residence. They pay their accounts and tax lawyers a lot to avoid paying taxes.
ExtensionParsley4205 on
We’ve had first home,yes, but what about second home?
sephtater on
Now how am I to buy “5, 10, 12” homes for my retirement?
Patpoose74 on
Be a lot better if the entire country did this so they can’t threaten to go somewhere else
propagationknowledge on
Entirely obvious to tax people using your badly undersupplied property market as a money laundering or investment opportunity (or both). I will happily pay this tax when we get our first in a major city, if we decide to.
lactose_cow on
it should be so much harder to own more than 1 home
Mike-Banachek on
This is targeted at people who claim primary residence elsewhere but still live in NYC. It’s a great way to make sure people pay their fair share and it closes this loophole.
MaxGoldFilms on
It’s a brilliant plan, it brings in tax dollars from those that can most afford it, and worst case if they ‘flee NYC’ more housing opens up for people that will actually live there and pay NYC taxes.
Manmetbaard on
Here in Copenhagen Denmark we have a thing called bopælspligt. It means that if you own a property you are legally required to register it as your primary residence and actually live there.
This means owners cannot buy a flat and leave it empty, use it purely as a holiday home, or effectively convert it into a permanent short-term rental.
For Airbnb specifically, this matters because you can only rent out your home while you yourself are registered as living there, which limits whole-apartment Airbnb listings to cases where the owner is genuinely away temporarily, rather than running a de facto hotel operation.
Prevents the city becoming an investment for the rich but stays a place to live for the residents. But the paid a terre tax is a good start I think.
ShrimpieAC on
I’m sure DoomerCircleJerk is acting totally normal about all this.
urbanlife78 on
Anyone who can afford a second home in NYC can afford to be taxed
Ok_Surprise_4090 on
If you can afford to buy an additional house and leave it empty for most of the year then it should absolutely be subject to extra taxes.
You’re taking up space in a community while barely contributing to it. This should be common sense tax policy nationwide.
Spare_Leek5011 on
It would need to come with a law limiting the raise on rent from private individuals, which I don’t think is possible. Might be wrong. But all these people are going to do is just push the tax onto renters by increasing rent.
dladen on
timeshares qualify as second homes for mortgages.. any words on that in his statement?
SweetAlyssumm on
Jeez, the man is sticking to his guns. What the hell is happening to Democrats? I hope to god he keeps this up.
20 Comments
Wild how owning *multiple* homes is normal for the rich, but most folks are just trying to keep one roof over their head.
It’s wild that it took this long to actually happen, but it’s hard to feel bad for someone struggling to keep a $5 million apartment empty. If you can afford a penthouse that just sits there as a tax hedge, you can definitely afford to help fund the city services that keep the property value high in the first place.
“I don’t own it, this LLC does. In fact, they’re all owned by different entities. And they rent to each other. And I deduct all of it from my federal taxes.” Or some other fuckery.
And this somehow is angering people who make $40k a year.
How about yachts over 1M, jet aircraft, artwork.
The things billionaires covert and collect.
Luxury tax.
While I applaud the effort, I think the rich will just set up shell companies and call it a rental property (that they just happen to stay in when they want). Make it a commercial buisness, not a residence. They pay their accounts and tax lawyers a lot to avoid paying taxes.
We’ve had first home,yes, but what about second home?
Now how am I to buy “5, 10, 12” homes for my retirement?
Be a lot better if the entire country did this so they can’t threaten to go somewhere else
Entirely obvious to tax people using your badly undersupplied property market as a money laundering or investment opportunity (or both). I will happily pay this tax when we get our first in a major city, if we decide to.
it should be so much harder to own more than 1 home
This is targeted at people who claim primary residence elsewhere but still live in NYC. It’s a great way to make sure people pay their fair share and it closes this loophole.
It’s a brilliant plan, it brings in tax dollars from those that can most afford it, and worst case if they ‘flee NYC’ more housing opens up for people that will actually live there and pay NYC taxes.
Here in Copenhagen Denmark we have a thing called bopælspligt. It means that if you own a property you are legally required to register it as your primary residence and actually live there.
This means owners cannot buy a flat and leave it empty, use it purely as a holiday home, or effectively convert it into a permanent short-term rental.
For Airbnb specifically, this matters because you can only rent out your home while you yourself are registered as living there, which limits whole-apartment Airbnb listings to cases where the owner is genuinely away temporarily, rather than running a de facto hotel operation.
Prevents the city becoming an investment for the rich but stays a place to live for the residents. But the paid a terre tax is a good start I think.
I’m sure DoomerCircleJerk is acting totally normal about all this.
Anyone who can afford a second home in NYC can afford to be taxed
If you can afford to buy an additional house and leave it empty for most of the year then it should absolutely be subject to extra taxes.
You’re taking up space in a community while barely contributing to it. This should be common sense tax policy nationwide.
It would need to come with a law limiting the raise on rent from private individuals, which I don’t think is possible. Might be wrong. But all these people are going to do is just push the tax onto renters by increasing rent.
timeshares qualify as second homes for mortgages.. any words on that in his statement?
Jeez, the man is sticking to his guns. What the hell is happening to Democrats? I hope to god he keeps this up.