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Another Transit Funding Fix Proposed in New York: a Non-Resident Luxury Apartment Tax

One way, or another, wealthy New Yorkers are probably going to end up contributing to the financial end of the equation for solutions to New York's public transit woes.
March 12, 2019, 7am PDT | James Brasuell | @CasualBrasuell
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"Pressure to find revenue to finance a $40 billion fix for New York’s subways, buses and regional commuter rail has sparked renewed city and state interest in a tax on wealthy non-residents who own luxury city apartments," reports Henry Goldman.

"New York Governor Andrew Cuomo’s budget director, Robert Mujica, jump-started the idea Wednesday in a statement that totaled up potential revenue sources for regional transit funding: $15 billion from congestion pricing, $5 billion from Internet sales, and $2 billion from yet-to-be-legalized cannabis. The so-called 'pied-à-terre tax' on non-resident owners could raise as much as $9 billion, Mujica said."

Mayor Bill de Blasio has for a long time favored an income tax on millionaire residents in the city to finance transit improvements in the city, but de Blasio recently came to an agreement with New York Governor Andrew Cuomo on a congestion pricing scheme. With the pied-à-terre tax now on the table in the governor's office, Mayor de Blasio expressed support in a soundbite included in the article.

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Published on Thursday, March 7, 2019 in Bloomberg
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