Hoylman: Pied-a-terre tax is the right step

By Gabe Herman

As lawmakers in Albany are working to shape the budget for the 2019-20 fiscal year, state Senator Brad Hoylman’s pied-a-terre tax has been included in a Senate budget resolution.

Hoylman, whose district includes the Village, part of the East Village, Stuyvesant Town and much of Midtown, has been pushing for the tax since 2014. If approved, the measure would charge people with expensive homes that are not used as a primary residence.

The tax would raise an estimated $650 million annually for the city. It would apply to residences worth more than $5 million. Fees and rates would be charged on an increasing scale as properties increase in value.

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