NYC’s Luxury Real Estate Brokers Blast Hochul’s Proposed Tax on Second Homes
The proposal risks affecting about 13,000 properties, with brokers warning it will damp demand in a key segment of the market.
Residential luxury towers stand along Billionaires Row in New York City.
Photographer: Spencer Platt/Getty ImagesIn a city of multimillion-dollar apartments and glittering towers dotted with pieds-à-terre, Governor Kathy Hochul’s proposed tax on high-end second homes set off immediate alarm among New York luxury real estate agents.
Concerned messages from affluent clients started pouring in just hours after the announcement Wednesday, according to brokers. Ian Slater, who leads a team of real estate agents for Compass’ Trove Partners, said three buyers decided to hit pause on their house hunting while others are reassessing what, if anything, they should be purchasing in New York City.