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Gov. Hochul, Mayor Mamdani propose NYC pied-à-terre tax on second homes worth over $5 million

www.cbsnews.com

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Anonymous 4w

But but all the rich ppl will go to Florida 😭 then GO they were all gonna go anyways to wait to die lmao

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Anonymous replying to -> #1 4w

I mean I think the rich people leaving is a valid concern. They pay a substantial amount of tax revenue (and if taxes are raised on the rich, far more revenue will come in). You do need to strike a balance where you make them pay a fair share but not enough so they all leave. That being said, these people likely don’t even live in NYC. Idk what the tax residency rules are for NYS and NYC, but I’d guess most of their income is not taxable by NYS/NYC. So these people likely weren’t bringing…

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Anonymous replying to -> OP 4w

…in much revenue anyway from an income tax POV. Property tax might be another story though

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Anonymous replying to -> OP 4w

Governor confirmed the tax will only apply to people who are not NYC residents (people here less than half the year

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Anonymous replying to -> #2 4w

Based. More cities with housing shortages should consider this

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