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by gen220 20 days ago
As a New Yorker I'm thrilled. LVT/Landlording Tax next pls :)

Edit: Actually, as a property tax of nonprimary residences, is this not also effectively also a Landlording tax? Will my landlord's tax bill go up because he's not residing in my building, if my building is above the threshold assessed value of $1mm? Or are >$1mm "multi-family homes" (significant % of housing of New Yorkers in BK/Queens) exempt and this only applies to condos?
1 comments
bad_username 20 days ago
Will not the landlords eventually pass the expense of the new tax on to you, the tenants? They won't like dip into their savings to pay it, will they.
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gen220 20 days ago
Eh, maybe for the more luxurious properties? But plenty of landlords are operating on tight margins and they’re not legally allowed to raise rent by more than some measure of inflation reported by the state each year.

But you’re right, the tax would have to be much more punitive to crossover into the red.

If it does make it more challenging to justify the business of being a landlord, I’m all for it though. Steps towards the end goal of more New Yorkers who want to owning their primary residence.

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