Owning property in New York City could soon be even more expensive for the wealthy if a proposed measure to increase real-estate taxes for non-resident owners of apartments valued at over $5 million is approved. The proposed increase would apparently bring in roughly $665 million per year.
Not surprisingly, not everybody is happy about the proposal. The real estate industry, for its part, is arguing that the increase would negatively impact the economy by pushing away investors, whose business supports around 500,000 jobs. Supporters say the measure is fair because the population it targets enjoys the city’s services but does not pay income tax and currently pay minimal property taxes, especially in subsidized buildings.