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The Proposed NYC "Pied-A-Terre Tax" Looks Catastrophic to NYC Real Estate

Miller Samuel

In the original 2014 proposal by the Fiscal Policy Institute, the first item in the proposal is off to a bad start as they describe what happened in the market: These owners bid up the price of NYC residential real estate, and since they don’t spend much time in these units, contribute little to the local economy compared to full-time residents.

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Appraisal Risk, Reviews, and Revisions

Appraisal Today

While that number may seem high to some, in the context of lending and property complexities, that is a 54% improvement in performance cited earlier in this article (from 35% 10 years ago). NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, etc.