This policy appears to target ultra-wealthy investors who are just parking their assets in NYC real estate and don't reside in NY to begin with, and thus aren't paying NY state income tax.
>Taxes has no income tax. NYC plus ny state has income tax at close to 10%.
That's as may be, and for residents of NYC that's impactful.
The new law targets second homes, which are generally defined as a residence which is not your primary residence. Meaning that the folks affected are generally not NYC (and often not NY state) residents, so the NYC/NY State income tax is irrelevant, as the folks affected don't pay those income taxes.
This policy appears to target ultra-wealthy investors who are just parking their assets in NYC real estate and don't reside in NY to begin with, and thus aren't paying NY state income tax.
Just to clarify, income over $5,000,000/year is taxed at 10.3%. Under a million is 4-6%.
>Taxes has no income tax. NYC plus ny state has income tax at close to 10%.
That's as may be, and for residents of NYC that's impactful.
The new law targets second homes, which are generally defined as a residence which is not your primary residence. Meaning that the folks affected are generally not NYC (and often not NY state) residents, so the NYC/NY State income tax is irrelevant, as the folks affected don't pay those income taxes.