On Monday, May 11th, Brown Harris Stevens CEO Bess Freedman stopped by “The Close” on Bloomberg Television to discuss the hotly debated Pied A Terre Tax. If passed, second homes of $5 million and up face an annual tax on top of the taxes they already pay and continue to pay.
As Bess points out, buyers are already hitting pause on purchases until they have more certainty. Moreover, a tax of this nature could have a ripple effect by chasing wealth out of the city, hurting retail, development, jobs, and even affordable housing.
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