De Blasio pushes again for ‘mansion tax’ on home sales over $2M

Posted On Mon, January 30, 2017 By

Posted On Mon, January 30, 2017 By In affordable housing, Policy

Mayor De Blasio will renew his call for a “mansion tax” before this state Legislature in Albany today, reports Politico. In support of rent subsidies for 25,000 low-income senior citizens, the mayor has detailed a proposal that will raise the property transfer tax to 2.5 percent for any sale above $2 million. “We are asking for some basic tax fairness from the wealthiest New Yorkers so low-income seniors can afford their rent and continue to call the greatest city in the world their home,” the mayor said in a statement.

As Politico is quick to point out, the proposal is expected to struggle for Legislative support in the state capital. In 2015, the Mayor asked a similar tax be rolled into negotiations of the 421-a tax abatement that expired early last year, where sales over $1.75 million would be taxed 1 percent, and sales over $5 million would see a 1.5 percent tax. The increased rates would have provided another $200 million a year in revenue to be directed towards affordable housing initiatives, but the idea was rejected by state lawmakers.

As it stands, home sales over $1 million are subject to a 1 percent tax. The city’s Office of Management and Budget estimates 4,500 homes will sell for $2 million or more in the upcoming fiscal year, which would mean another $336 million in revenue for the city if the proposal were to be adopted.

Regardless, flop or not, the call alone will do a lot to enliven De Blasio’s supporters.

“DOA,” said one real estate official to Politico. “But it works for the mayor in terms of running for re-election and is a red meat issue for much of his base.”

Indeed, the mayor is up for re-election this year, and similar to his first campaign, he’s taken on affordable housing and income equality as his mantles. De Blasio also counts seniors as one of his most reliable voting blocs, many of whom have organized to support his previous housing proposals.

[Via Politico]

RELATED:

Tags : ,

MOST RECENT ARTICLES

  • Steven Gambrel turned a Park Avenue apartment into a sophisticated playground for pastel colors

    Steven Gambrel turned a Park Avenue apartment into a sophisticated playground for pastel colors

    When one thinks of a sprawling Park Avenue apartment, what comes to mind is typically muted colors, clean lines, and ...
  • Weekly highlights: Top picks from the 6sqft staff

    Weekly highlights: Top picks from the 6sqft staff

    Jason Biggs and Jenny Mollen list uber-stylish Tribeca loft for $3M Jeanne Gang reveals sparkly new renderings of High Line-hugging ...
  • Plans for SHoP’s 10-story wooden condo tower squashed

    Plans for SHoP’s 10-story wooden condo tower squashed

    SHoP’s proposed wooden tower has gotten the axe, reports The Real Deal. The wood high-rise which was slated to rise along 18th ...
  • RAH:DESIGN employed modern home-building techniques to design this cool dog house

    RAH:DESIGN employed modern home-building techniques to design this cool dog house

    While there are many doggie-abodes on the market, the designers at RAH:DESIGN found themselves struggling to find something that fit with ...
  • J.P. Morgan’s 120-year-old ‘Great Camp Uncas’ in the Adirondack wilderness reduced to $2.7M

    J.P. Morgan’s 120-year-old ‘Great Camp Uncas’ in the Adirondack wilderness reduced to $2.7M

    A standout even among the region’s Great Camps, the secluded Camp Uncas was built in 1895 by Brooklynite William West ...
  • FREE RENT: A roundup of NYC’s latest rental concessions

    FREE RENT: A roundup of NYC’s latest rental concessions

    FiDi’s 180 Water Street Announces March Opening; Now Leasing No Fee Rentals + One Month Free [link] Renovated Apartments at ...
  • A slew of new residential developments are headed for the Rockaways

    A slew of new residential developments are headed for the Rockaways

    February is too frigid to fantasize about the Rockaways’ wide white-sand beaches, but the playground peninsula is hot for a different ...
  • Every NY Times front page since 1852 in under a minute; Brooklyn’s evil eye mecca

    Every NY Times front page since 1852 in under a minute; Brooklyn’s evil eye mecca

    Disney Research created a new technology that can wirelessly power an entire room and charge devices. [Travel + Leisure] Ellen DeGeneres ...
  • Glamorous modern condo inside a historic Bed-Stuy townhouse asks $855K

    Glamorous modern condo inside a historic Bed-Stuy townhouse asks $855K

    Talk about an apartment with good bones. This modern condo was carved from the historic four-story townhouse at 347 Gates ...
  • The Urban Lens: Will Ellis explores the relics and ruins of Staten Island’s remote edges

    The Urban Lens: Will Ellis explores the relics and ruins of Staten Island’s remote edges

    6sqft’s ongoing series The Urban Lens invites photographers to share work exploring a theme or a place within New York City. ...
  • Ivanka Trump’s Park Avenue starter pad, still without a buyer, gets a rental price chop to $13K a month

    Ivanka Trump’s Park Avenue starter pad, still without a buyer, gets a rental price chop to $13K a month

    As 6sqft previously reported, Ms. Trump and husband Jared Kushner, now senior adviser to President Donald Trump, first listed their apartment ...
  • South Harlem community board wants brokers to stop calling it ‘SoHa’

    South Harlem community board wants brokers to stop calling it ‘SoHa’

    Harlem’s gentrification and increasing real estate prices aren’t news at this point, but a local community board thinks certain real ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.