NYC lawyers slam new tax on luxury second homes as 'half-baked money grab'

Laura Nahmias & Danielle Muoio Dunn / Bloomberg

Jul 11

City officials first published rules for how the tax would work in early June. (July 11): Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on ...

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(July 11): Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/property/nyc-lawyers-slam-new-tax-luxury-second-homes-half-baked-money-grab?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n","source":"edge_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NYC lawyers slam new tax on luxury second homes as 'half-baked money grab'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNYC lawyers slam new tax on luxury second homes as 'half-baked money grab'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-11 02:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/property/nyc-lawyers-slam-new-tax-luxury-second-homes-half-baked-money-grab?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong>Laura Nahmias & Danielle Muoio Dunn / Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>City officials first published rules for how the tax would work in early June. (July 11): Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/property/nyc-lawyers-slam-new-tax-luxury-second-homes-half-baked-money-grab?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NYC","symbol_name":"American Strategic Investment","start_time":0,"source_url":"https://www.theedgesingapore.com/news/property/nyc-lawyers-slam-new-tax-luxury-second-homes-half-baked-money-grab?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","article_id":"2650815973","we_media_id":null,"thumbnails":[],"rights":{"source":"edge_highlight","url":"https://www.theedgesingapore.com/news/property/nyc-lawyers-slam-new-tax-luxury-second-homes-half-baked-money-grab?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2650815973","pubTimestamp":1783709485,"columns":[],"sourceInfo":{"source_id":"edge_highlight","name":"Edge"},"weMediaInfo":null,"summary":"City officials first published rules for how the tax would work in early June. ","collect":0,"end_time":0,"defaultTopTitle":"theedgesingapore.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NYC":"American Strategic Investment","BK4160":"多样化房地产投资信托v","BK4233":"房地产运营公司"},"translate_title":"纽约市律师抨击对豪华第二套住宅征收新税是“半生不熟的抢钱”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NYC":1.5},"content_text":"City officials first published rules for how the tax would work in early June. (July 11): Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on luxury second homes is going to work ahead of the Aug 30 deadline when owners will find out how much they have to pay. \nSeveral dozen real estate brokers and tax attorneys weighed in at a remote Department of Finance hearing on Thursday, commenting on a bare-bones regulatory framework the city issued last month after the state enacted the new tax as part of its annual budget in late May. The city's regulations raised more questions than they answered, commenters said. \nSuch city agency hearings are typically sparsely attended and pro forma, but the city's proposal for implementing the tax earned pages of alarmed testimony from major real estate groups, including the Real Estate Board of New York and Council of New York Cooperatives and Condominiums.\nIn a heated exchange, Peter Blond, a tax certiorari attorney, called the new tax a \"confiscatory and half-baked money grab\". \nThe new tax, a surprise late addition to the state's budget passed on May 27, is being implemented rapidly in part to generate revenue to balance the city's budget. The surcharge is supposed to generate US$500 million ($646.45 million) in this fiscal year to help close what was once a massive multibillion-dollar budget hole. \nCity officials first published rules for how the tax would work in early June. Property owners will receive notices that they are liable for the tax by Aug 30, with just 30 days to contest the determination. Tax bills will be due in January 2027. \nThe 30-day window owners will have to prove their residency is too short, many commenters argued. They also cited outstanding questions, like whether the tax will be applied when apartments are temporarily vacant for repairs or rented to someone without a New York tax return.\nOwnership structures\nSome asked whether co-op apartment owners, whose taxes are assessed differently from condominiums, will be forced to pay for their rich pied-à-terre-owning neighbours if those owners fail to pay their new tax bill. Under the statute, co-ops currently have no authority to compel subject property owners to pay the tax, and the building will be liable regardless of whether or not the actual pied-a-terre's owner decides to pay.\nCity Comptroller Mark Levine estimates the tax will ultimately affect roughly 11,000 properties, just 515 of which would be co-ops.\nZal Kumar, a tax principal at EY who worked for the Finance Department under then-Mayor Bill de Blasio, said the statute doesn't account for \"common ownership structures\", such as spouses establishing a trust to own a property. Under the current statute, only the \"sole beneficiary\" of the trust can demonstrate they deserve an exemption from the new tax because it's their primary residence.\n\"Thinking in terms of partners or spouses establishing a trust to own a residence, that type of circumstance should allow the couple to qualify as covered owners and allow that space to be considered a primary residence,\" he said.\nEven the exemptions could lead to risk for owners, said Donna Olshan, the president of Olshan Realty. Owners of properties rented to full-time residents won't be subject to the tax, which could lead landlords to discriminate against any potential tenants who might not qualify as permanent city residents, she said.\nPeople travelling to New York City for medical treatment or foreign students living in the city while attending college aren't considered full-time residents under the state's tax laws, but refusing to rent an apartment to a foreign student or a person with a disability could violate federal, state and local fair-housing laws, she said.\n\"All anybody's asking for is clarity,\" Olshan said. \"Your job at Department of Finance is clarity, and this is all a grey area.\"\nValuation system\nThe tax will be administered in two phases in order to address criticism that the city's current property-tax code dramatically undervalues luxury apartments, allowing many owners to avoid the surcharge. For the next two years, single-family homes with a market value of US$5 million or more will pay tax rates from 0.8% to 1.3%, while co-ops and condominiums worth US$1 million or more will pay rates of 4% to 6.5%. \nAfter July 1, 2028, city officials plan to revise the valuation system to apply the same tax rate to all second homes, co-ops and condos valued at US$5 million or more. \nThe Real Estate Board of New York said in written testimony that the city \"must provide owners, shareholders, boards, and other market participants with the ability to understand how these values will be determined\".\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}