REBNY Calls for Pause on Pied-a-Terre Tax to Clarify Implementation
The Real Estate Board of New York (REBNY) on Tuesday called for a pause on Mayor Zohran Mamdani’s pied-a-terre tax, testifying before the City Council that “more careful thought and time are needed if this law is to be fairly implemented.” The law, which took effect on July 1 and sunsets in 2031, imposes an annual surcharge on non-primary residences valued at greater than $5 million.
REBNY has stated its opposition to the tax itself. However, its City Council testimony Tuesday focused on implementation.
“We warned from the beginning that this tax would be extremely difficult to administer,” said James Whelan, president of REBNY. “The rollout has been plagued by confusion, errors, and unanswered questions. The City cannot enforce first and explain later. The Mamdani administration should pause implementation until it can demonstrate it is ready to administer the tax fairly, accurately, and transparently.”
Other News
Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
Learn more
CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
Learn more
Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton and senior investment anaylst...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout