I strongly doubt that this is going to have the effect that they want it to. It won't raise the taxes that they expect it to. It won't free up inventory. It will halt construction.

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galleywest200 an hour ago | parent | next [-]

Taxing second homes would halt construction? Plenty of people out there wish to own a first home, myself included.

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JuniperMesos an hour ago | parent | next [-]

How will that tax result in more houses existing?

	▲	stavros an hour ago \| parent \| next [-]
		It will result in fewer second homes existing, therefore more first homes.
	▲	lovich 43 minutes ago \| parent \| prev [-]
		How will this tax result in less houses available for people with no primary home existing? It’s a tax on second homes. If a single person sells due to the tax and someone who had 0 homes previously, it’s spread the scarce housing stock. Not to say we shouldn’t build more but acting like a tax on multiple homes is going to make houses less available to everyone is ludicrous.

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lovich an hour ago | parent | prev | next [-]

This guy thinks a tax on second homes in fucking NYC is going to disproportionately harm the middle class.

He is economically illiterate.

Edit: scratch that, he also mentioned leaving a rent controlled apartment because of a crabs in a bucket mentality. I think he’s lying to push his own political agenda which appears to be that of the rich never paying taxes.

I’ll lol if he’s some pleb like most of us and is just running defense for his “betters”

	▲	smallmancontrov 29 minutes ago \| parent [-]
		Or economically literate and malicious. Many such cases.

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busterarm an hour ago | parent | prev [-]

The cost of construction in _New York City_ generally sets a floor as far as who can afford to pay for it.

The per-apartment cost of construction in Manhattan is more than the retail price of my 3500sq ft house in near-rural South Carolina.

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mbreese 43 minutes ago | parent | prev | next [-]

I'm not sure it's that clear, and the taxes might not be the point. If this halts construction of second homes in the higher price ranges, then those construction crews will still need to do something. So, that might make it possible to find construction capacity for higher-density construction that otherwise wasn't available. Whether or not such a trickle-down effect will happen isn't guaranteed, but it's possible. It's also possible that no construction happens and we see a loss of jobs in the process.

It's a complex market and this is definitely a risk.

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WarmWash an hour ago | parent | prev | next [-]

New York City rent exists at an equilibrium.

The draw for people to move there is so intense, that any draw downs in rent are met with upticks in immigration.

Adding housing stock in NYC is not like adding housing stock in Lawnsdale Ohio. Almost by definition you cannot out build the demand for housing.

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bix6 an hour ago | parent | prev | next [-]

It’ll halt construction on luxury second homes? Wonderful!

	▲	NickC25 40 minutes ago \| parent [-]
		Seriously. Instead of using that land to build a $250 million penthouse Ken Griffin only spends 10 days a year in, they could probably build enough housing for 500+ middle class families.

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a_shovel an hour ago | parent | prev | next [-]

I don't think the demand for second homes worth over $5 million is a major driver of construction of new units in NYC.

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BigTTYGothGF 44 minutes ago | parent | prev | next [-]

> It will halt construction.

Why would that be the case?

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Daishiman an hour ago | parent | prev [-]

Those homes are built for money laundering anyway. Good riddance.