Posted by Leonard Steinberg on September 24th, 2014

Imposing a PIED A TERRE tax on New York luxury apartments is probably one of the worst economic proposals to raise tax revenue I have ever heard of. The tax of up to 4% annually would be applied to all apartments and homes with a current market value of $5 million or more, and would exempt the primary residences of New Yorkers. Discouraging out-of-towners to buy in New York will almost certainly put downward pressure on pricing thereby eliminating a wave of existing tax revenues this idiotic proposal did not consider. Who pays these people to come up with such ludicrous proposals?