Anonymous #3 4w

My parents and I own a 2nd home in NY worth about $2m. We are all Florida residents but travel frequently to and from NY due to family, work, business ect… The value of our home can easily cross the $5m threshold due to market performance. We aren’t anywhere close to billionaires. This law is so fucking stupid.

-10

Anonymous OP 4w

The details haven’t been ironed out, but I think they’ll use the same value that is used for property tax assessments, not market value. That should be less volatile

34

Anonymous #4 4w

Lol yes. These people see millions and think we are Warren buffet and forget how inflated NY housing market is. We aren’t eating steak and lobster every night.

-2

Anonymous #3 4w

Funny you say that because we’re already paying property taxes… so why hit us again? This guy is an idiot. I’d use a synonym for idiot, but it’d probably get me banned.

-9

Anonymous #1 4w

Ironic because you are actually licking Mamdani’s boots this time

-14

Anonymous OP 4w

Because you’re owning valuable space yet you don’t pay NY income tax. Lowkey like freeloading

38

Anonymous #3 4w

We pay property taxes

-9

Anonymous #3 4w

We own our property

-9

Anonymous OP 4w

it’s definitely a terrible idea, maybe $10M+ i can get on board with, but a $5M home in nyc is basically the same as a decent middle class home somewhere in the south or midwest.

-5

Anonymous OP 4w

Ok, so think of this like raising the property tax then. But only for nonresidents. Because you don’t contribute much to the NY economy, and they don’t collect any income tax revenue from you. That’s like parking your car in an office building parking lot when you don’t work there

32

Anonymous #4 4w

"oversized closet" are you a new yorker? hell, do you live in a city? do you know what $5 million gets you? and to not even live in it?

25

Anonymous #4 4w

ive been looking to get an apartment in manhattan for the fall, if i had a place that was 400k it would be a super nice and pretty spacious spot. and thats my primary living spot. $2 mil? $5 mil? to not live there?

18

Anonymous #2 4w

i am a new yorker and i still live in the area. $5 million elsewhere gets you a mansion but in nyc that $5M just gets you an average middle class home 😭

1

Anonymous OP 4w

The law is great actually, and I fully support it applying to situations like yours if the value does rise that much.

30

Anonymous #2 4w

btw i voted for mamdani and the idea of taxing the rich is great but $5M is NOT rich in NYC.

2

Anonymous #4 4w

This might actually fix that problem btw

1

Anonymous #4 4w

"average middle class home" that is such a deceptively conservative description its outrageous but even so, lets go with that! youre not living in that home. middle class home, just empty. you visit sometimes.

20

Anonymous #2 4w

i mean hell, this is a SECOND RESIDENCE. to begin with its an outrageous thing to be complaining about. you have $5+ million to not live in it?

12

Anonymous #2 4w

people can live in multiple places. you act like there aren’t people traveling for work and they’re still paying property taxes. like i said $10M+ is more palatable but $5M is ridiculous

-3

Anonymous #2 4w

Yes it’s average middle class and we are there majority of the summer. If Zohran had half a brain he’d tax $100m+ properties, which is still a very stupid but would actually accomplish what he’s trying to do instead of hurting regular people

-3

Anonymous OP 4w

u r poor shut up

49

Anonymous #4 4w

If you travel for work and still usually return to NY, this likely doesn’t apply to you. For tax reasons you’re an NY resident

5

Anonymous #3 4w

Hell this doesn’t even have to be your permanent home. You could have a penthouse apartment in NYC and live in a shack somewhere else in NY. This likely wouldn’t apply to you because you’re an NY resident

7

Anonymous #4 4w

https://streeteasy.com/building/660-lexington/10a?showcase=1 this doesnt qualify for mamdanis tax on second residences. 4 million dollars on a midtown condo with a giant kitchen, a terrace, 2.5 bathrooms, many many many ammenities. all as a place to not be counted as a nyc resident.

7

Anonymous #2 4w

1500 sq ft, decked out, brand new built THIS YEAR, with a shitload of stuff. not lived in. but boo hoo.

8

Anonymous #2 4w

The way that condo might be assessed for less than $1M for property taxes 💀

1

Anonymous OP 4w

I hate taxes but I support taxing vacation property and investment property more. First rule of property law & economics. INCENTIVIZE PRODUCTIVE USE OF LAND. Especially valuable land.

22

Anonymous OP 4w

Ur not going to get a 2.5x return on that property for another 20 years at least (going off historical yoy ROI). Almost sounds like this law is correctly positioned to tax ultra wealthy individuals and not tax working class people (you)

15

Anonymous OP 4w

Ask your parents how much your property was assessed for, because it seems like it’s might be a fraction of the market price

8

Anonymous #3 4w

Actually nvm, seems like it might affect any NY resident who has two properties with the non-primary one being worth over $5M?

1

Anonymous OP 4w

Oh go fuck yourself. If your parents have millions of dollar in property don’t pretend that you’re poor.

8

Anonymous #4 4w

Read the law, it’s only for people who don’t actually live there.

9

Anonymous OP 4w

You aren’t regular people if you own a multimillion dollar summer home dude. Go fuck yourself. I wish Zohran would actually tax your parasite parents into poverty like you pretend he is.

14

Anonymous #10 4w

literally. "wahhhhhhh i have millions of dollars in assets and i dont even use them full time, wahhhhhhhhh woe is me i have to pay a teensy bit more in tax, money i didnt need for anything other than building my wealth even more wahhhh"

11

Anonymous OP 4w

bitch if your family can own TWO homes, you’re rich. end of story.

11

For property taxes they use TAXABLE market value. They take the market value calculated based on what nearby, similar properties have sold for, deduct expenses and other things, and then take a percentage of that number That being said, I have no clue what Mamdani and Hochul propose to use here. It would make sense to use TMV if that’s already used for property tax

1

Anonymous #2 4w

Literally all you have to do is just rent it out when you’re not there 😭

12

Wait are you confusing me with OP?

1

Anonymous #3 4w

We use it during the summer months. No serious tenant is renting for only 6 months. And it would cost us more and be riskier to rent it out than leaving it vacant when we’re not in NY

1

Anonymous #10 4w

Million of dollars in property isn’t million of dollars in cash my guy. That’s what I want everybody on this thread to understand

1

Anonymous #2 4w

And why are you so rude and nasty bro. Haven’t said anything bad about you or your family. Relax

1