A pied-à-terre tax proposed by New York State legislators faced the scrutiny of the Independent Budget Office.
"A tax on luxury second homes in New York City would yield far less revenue than expected," reports Erin Hudson, sharing findings of a report by the New York City Independent Budget Office (IBO).
The IBO reduced its revenue estimate for a proposed pied-à-terre tax by 41 percent, estimating total revenue generated to total $232 million. "George Sweeting, deputy director of IBO, said the agency realized far fewer homes than originally thought would qualify as pieds-à-terre worth $5 million or more," Hudson explains of the report's findings.
Still, Sweeting also said that with so many unknowns, the numbers could change again. As proposed by State Senator Brad Hoylan (D-Manhattan), the pied-à-terre tax would increase property taxes for one- to -three-family homes worth $5 million or more if the homes are not a primary residence.
The state, which would approve any potential pied-à-terre tax, has been flirting with the idea for a few years now, dating back to 2019 and the budget process that culminated in March 2020.
FULL STORY: Pied-à-terre tax revenue estimate slashed by 41%
New York's 'Good Cause Eviction' Bill, Explained
Here's a slightly humorous approach to a serious topic: the Good Cause Eviction law making its way through the New York State Legislature.
California's 'Split Roll' Property Tax Reform, Explained
California voters will consider a landmark reform of its infamous property tax system this November. Prop. 15 would remove property tax caps on commercial properties established by Prop. 13 in 1978.
The Long, Tough Road for Property Tax Reform in New York City
Landlords and the NAACP agree on the need for property tax reform in New York City, but it took a lawsuit to get the city moving on reform, and the state is still dragging its feet.
The City of Broken Sidewalks
Can Los Angeles fix 4,000 miles of broken sidewalks before the city hosts the 2028 Olympic Games?
Shifts in Shopping: Transforming Malls Into Parks
Maybe zombie malls still have a second life — one with a little greenery.
Major US Cities Still Suffering Downtown Decline
Research shows that the “donut effect” hollowing out central business districts since the pandemic continues to cause economic decline in the 12 largest American cities.
Why Traffic Never Gets Better
Despite abundant research showing that roadway expansions provide limited congestion relief and increase long-term traffic problems, they still occur due to wishful thinking: advocates claim that “this” project is different.
San Francisco Tops ‘Urban Mobility Readiness’ List
An annual analysis of global cities assesses public transit, technology, and sustainability.
Bike-Mounted Sensor Could Improve Safety for Cyclists
A new camera technology can detect when vehicles pass too close to people on bikes.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Prescott
Alamo Area Metropolitan Planning Organization
Village of Glen Ellyn
HUDs Office of Policy Development and Research
CORP - COnsulting Research Projects
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners