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Co Ops

All articles tagged with #co ops

real-estate15 days ago•8 min saved

NYC’s New Pied-à-Terre Tax Sends Luxury Real Estate Market Reeling

New York City’s pied-à-terre tax on second homes over $5 million, starting at 4% and rising to 6.5% in Phase 1, is chilling high-end buyers and prompting price recalibrations, with some buyers targeting sub-$5 million units and co-ops—often more favorable under the threshold—seeing renewed activity. While rentals in ultra-luxury towers remain robust, analysts argue the tax reduces market velocity and could harm city tax revenue, despite some developers and buyers adjusting strategies to navigate the new rules.

via New York Post|

#billionaires-row #co-ops #luxury-real-estate

real-estate2 months ago•5 min saved

Co-ops Face Building-Wide Bills as NY Pied-à-Terre Tax Looms

New York’s pied-à-terre tax targeting luxury non-primary residences could force co-op boards to pay the surcharge for absentee shareholders, since co-ops are taxed as a single property and pass the cost to shareholders. With no individual tax parcels, a non-paying unit could create a building-wide lien, potentially impacting financing and requiring boards to front large sums before recovery, especially in smaller buildings; some boards are already considering restricting pieds-à-terre as a precaution, while officials say the policy targets a narrow class and includes enforcement tools for the city.

via New York Post|

#co-ops #new-york #pied-a-terre

local-news2 months ago•6 min saved

Mamdani unveils plan to turn renters into co-owners with city loans

NYC Mayor Zohran Mamdani’s housing plan creates a formal financing pathway for renters to take ownership, with the Our Home program and a term sheet, plus $75 million in loans to convert about 300 rentals into co-ops over two years. The plan also aims to add 200,000 new affordable units over the next decade, facilitate 1,500 owner-occupied homes, strengthen housing maintenance enforcement, and push legislation like Third Party Transfer and the Community Opportunity to Purchase Act to accelerate tenant-led purchases, along with expanded down-payment assistance and up to $100,000 for essential repairs.

via Gothamist|

#co-ops #housing-policy #local-news