Home Prices Are Falling in One of America’s Richest Suburbs

This has become a summer of discontent for those trying to sell their homes in New York City’s leafy suburbs -- in no small part because of the Trump administration.

In affluent enclaves in Westchester County, New Jersey and Connecticut, a federal cap on state and local property tax deductions has begun to bite hard. Longtime homeowners who dreamed of offloading their empty nests are finding their plans complicated by the tax bill, as would-be buyers hold back, expecting sellers to cut their prices.