With no chance to pass, de Blasio passes on luxe apartment tax

Mayor de Blasio isn’t going to support a luxury tax on apartments valued at $5 million or more that are owned by absentee landlords because it doesn’t stand a chance in Albany, according to sources.

 

“My understanding is a luxury tax for absentee landlords is not going forward,” said one source. “The absentee-landlord tax is a nonstarter.”

 

The idea was floated in September by the liberal Fiscal Policy Institute, which estimated the city could raise $655 million a year by adding a property tax surcharge of 0.5 to 4 percent on apartments valued at $5 million or more.

How can we help you?

Complete this quick form and we will have an associate reach out to you immediately.