Thread by @mkink

Here’s the details on the NEW YORK CITY PIED-À-TERRE TAX

Right now over 75,000 apartments in New York City are owned by individuals who don’t live there full time – including the apartment recently purchased by Chicago hedge fund billionaire Ken Griffin for $238 million. 1/

That’s the highest price ever paid for a house or apartment in the United States.

Senator @bradhoylman and Assembly Member @Deborah sponsor legislation (S. 44/A. 4540) to create a sliding tax surcharge on luxury condos and apartments.

These are second or third or fourth or fifth homes for the multimillionaires & billionaires that own them!!!

For properties valued between $5 million and $6 million, a 0.5 percent surcharge would be added on the value over $5 million.

Fees and a higher surcharge would apply to homes that sold for more than $6 million, topping out at a $370,000 fee and a 4 percent surcharge for homes valued at more than $25 million.

@NYCComptroller Stringer estimates that tax would bring in a minimum of $650 million per year.

Bill text is here: nysenate.gov//legislation/b…

Let’s get $650 million for our common needs from folks who can afford to pay!!!

And here’s the @JeffCMays story on the tax from @nytimes

nytimes.com/2019/02/09/nyr…