[tekla]

I dunno why anyone thinks this matters. https://comptroller.nyc.gov/reports/the-pied-a-terre-tax-and...

"We find that, before adjusting for these factors, our choice of tax rates and brackets could raise almost exactly $500 million from a little over 11,200 properties. However, revenues could be reduced to between roughly $340 million and $380 million based on assumptions on exclusions for rented units and behavioral changes following the imposition of the tax."

It's all media feel goodsies but not actually do anything substantive.

[free_bip]

So it'll still raise at least 300 million? Sounds like a great thing to me. I dunno why you think it doesn't matter.

[0cf8612b2e1e]

Unlocking extra housing is the real boon, the tax revenue is the bonus.

[jonfw]

I think that this has the benefit of both raising a non trivial amount of money as well as reducing housing demand from the wealthy in a supply constrained market

[dgellow]

So, in addition to doing something very popular, meaning gaining political capital, it is ALSO expected to get hundreds of millions from this? That’s very substantial in my book

[tlogan]

From what I know this is going to be challenged in the court and it probably it is not going to pass the legal challenge (renting part is one interesting loophole - I think that one caused similar tax law in SF to be struck down).