New York Considers Taxing Non-Resident Owners of Luxury Apartments
- Governor, mayor looking at multi-million dollar pied-à-terres
- Revenue would go toward bonds to fund $40 billion transit fix
Source: Getty Images
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Pressure to find revenue to finance a $40 billion fix for New York’s subways, buses and regional commuter rail has sparked renewed city and state interest in a tax on wealthy non-residents who own luxury city apartments.
New York Governor Andrew Cuomo’s budget director, Robert Mujica, jump-started the idea Wednesday in a statement that totaled up potential revenue sources for regional transit funding: $15 billion from congestion pricing, $5 billion from Internet sales, and $2 billion from yet-to-be-legalized cannabis. The so-called “pied-à-terre tax” on non-resident owners could raise as much as $9 billion, Mujica said.