State Senator Brad Hoylman discusses his legislation in Albany, which the Council is now actively supporting. (Pictured with Hoylman) Assembly Member Harvey Epstein, Council Member Mark Levine and Assembly Member Deborah Glick (Photo by Sabina Mollot)
By Sabina Mollot
A few weeks after an out-of-state hedge fund billionaire purchased a $238 million penthouse apartment on Central Park South, two City Council members have introduced a resolution in support of a pied-à-terre tax.
Currently, in New York, non-residents are not subject to state or city income taxes and do not pay New York sales tax while outside the state. The proposed tax, which would affect homes that cost over $5 million if they’re not the owners’ primary residences, isn’t new. It was first introduced in 2014 by State Senator Brad Hoylman and Assembly Member Deborah Glick. However, with Senate Democrats now in the majority in Albany, it has a better chance at getting passed this year than ever before.
The City Council resolution was essentially a show of support for the tax, made by Members Mark Levine and Margaret Chin. At a press conference in front of City Hall on Monday, Levine and other Manhattan lawmakers argued that such real estate investments by out-of-state and foreign buyers are keeping buildings dark while the city gets done out of badly needed revenue.
“It’s a surcharge on property tax, so we can capture taxes from people who don’t really live here,” added Glick, who was also at City Hall.
Manhattan Borough President Gale Brewer (pictured at a recent press conference on the Commercial Rent Tax reform bill) conducted a foot patrol study of vacant storefronts along Broadway. (Photo by Sabina Mollot)
By Sabina Mollot
Two Sundays ago, Manhattan Borough President Gale Brewer, with the help of nearly three dozen volunteers, walked along the length of Broadway in Manhattan, taking note of every vacant storefront they passed. The exercise was for a study on retail blight conducted by Brewer’s office, the results of which were not pretty.
In fact, said Brewer, who strolled a strip from the 60s to the 70s, “It was worse than I thought.”
Along her way, she observed five empty storefronts in a two block radius. “I don’t know how long they’ve been empty,” she said.
She chose Broadway as the street to monitor due to it being a part of so many different neighborhoods. Additionally, from what she’s seen the problem doesn’t appear to be more prolific in some neighborhoods than others.
“In Manhattan, it’s everywhere,” she said.
Tenant activists gather outside an event held by the Real Estate Board of New York. (Photo courtesy of Faith in New York)
By Sabina Mollot
A group of tenant activists, dressed in black, disrupted a real estate industry luncheon in midtown last Wednesday to mourn the loss of affordable housing in the city. One of the groups organizing the effort was Faith in New York along with Tenants and Neighbors, the latter of whom have a tradition of protesting at events held by the Real Estate Board of New York.
“REBNY has led the charge for pro-gentrification and pro-displacement policies across New York for decades,” Katie Goldstein, executive director of Tenants & Neighbors later said in a written statement. “We are here standing with faith leaders and tenants across New York to mourn the death of affordable housing as we actively organize against REBNY’s policies and practices.”