Tag

Second Homes

All articles tagged with #second homes

politics14 days ago•6 min saved

New York's Second-Home Tax Sparks Privacy Debate and Backlash

New York City's plan to tax non-primary luxury homes—aimed at raising about $500 million a year—has exposed deep divisions as officials published a public list of nearly one million properties potentially affected. Critics call the rollout a privacy and safety risk and a 'hit list,' while supporters say the levy funds essential services; a lawsuit seeks to unpublish the list, 17,000 notices were issued, and the city defends the policy amid broader debates over housing affordability.

via BBC|

#lawsuit #new-york-city #pied-a-terre-tax

business4 months ago•5 min saved

NYC Targets Empty Second Homes for Revenue Boost, Not a Quick Housing Fix

New York City is weighing a tax on pieds-à-terre over $5 million owned by nonresidents that could raise about $500 million a year to close the city’s budget gap and fund affordability efforts. Because NYC’s vacancy rate is already near a 50-year low (about 1.4%), the plan—affecting roughly 13,000 units—likely won’t unlock much housing supply and appears driven more by revenue than a direct housing relief push. Other cities and countries with vacancy taxes (Berkeley, DC, Vancouver, Paris) show mixed results and enforcement challenges, suggesting NYC’s measure could boost revenue while prompting some owners to reconsider ownership in the city.

via Business Insider|

#business #housing-affordability #new-york-city

politics7 months ago•3 min saved

New Hampshire weighs taxes on vacant and luxury second homes

Two New Hampshire bills would tax second homes and unoccupied properties: a 0.75% levy on second homes valued at $500,000+ that would go to the local municipality, and a 'supplemental residence tax' requiring owners to pay the state the equivalent of their property tax if the home sits empty six months a year or is rented seasonally. Revenue projections range from about $15 million annually to more than $900 million, sparking debate over implementation and fairness; supporters say it could address housing and community funding needs while critics, including real estate and vacation rental interests, call it punitive. Gov. Ayotte and lawmakers say more housing units are needed and these measures will be reviewed in subcommittees.

via New Hampshire Public Radio|

#housing-policy #new-hampshire #politics

real-estate1 year ago•2 min saved

States Implement New Taxes on Wealthy Homeowners to Fund Housing Initiatives

Rhode Island has introduced a new annual levy on high-value, non-resident second homes, dubbed the 'Taylor Swift tax' due to her ownership of a seaside mansion, aiming to fund local housing initiatives and target luxury property owners. The policy is part of a broader trend across US states like Montana and Massachusetts, seeking to increase taxes on luxury homes to address housing affordability and discourage seasonal 'lights-out' neighborhoods. Critics warn it could impact the luxury market and local economies, with the effectiveness and behavioral impacts yet to be seen.

via Euronews.com|

#housing-affordability #luxury-property-tax #real-estate

real-estate3 years ago•2 min saved

Vacation Home Demand Drops Amid Pandemic.

Sales of vacation homes have dropped by 50% from pre-pandemic levels due to high interest rates and concerns about the economy. Mortgage-rate locks for second homes were down 52% from pre-pandemic levels in March, compared to a 13% decline for primary homes. However, cash buyers are still interested in purchasing vacation condos in desirable neighborhoods. The trend of remote work has also reduced the appeal of second homes, as options for remote work have begun to dwindle.

via USA TODAY|

#housing-market #mortgage-rates #real-estate