I'd like to stir up a bit of a debate for those of you are familiar with NYC's housing market. There was an article in the NYT today regarding the possibility of the state enacting a bill that would tax homes worth more than $5bn that are 2nd (or 3rd, or 4th) residences for the owner. In other words, those HNW people who purchase luxury condos in NYC (often as an investment) would be taxed at a much higher rate as a ploy to fix the city's housing issues.
Without getting into a broader debate about wealth redistribution, what do you all think of this plan? Obviously, the housing system in NYC is very broken. There are roughly 3 vacant units for each of NYC's 60,000 homeless people. Would something like this be the answer? Or is it more of a matter of continuing to incentive developers with tax breaks (new "Affordable NY" plan as 401a replacement)?
Also interested in how severely this would effect the CRE multi and condo market if it were to actually get thru.
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