Two days ago crestfallen commie mayor Zohran Mamdani abandoned his desperate plan to aggressively hike property taxes (even more) on New Yorkers following unprecedented pushback (but not before earning the former capitalist mecca a credit rating downgrade warning from most rating agencies). However, since communists who are not redistributing wealth (eventually under the barrel of a gun) are useless communists, it only took Mamdani administration 48 hours before pitching his latest idea how to take: according to Bloomberg, New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million. The lawmakers are also considering expanding the tax to all-cash purchases over $1 million in New York, including those in the suburbs and upstate.
The New York City levy alone is expected to raise $160 million to help fill the city’s budget hole. The proposed tax would be levied at 1% of the purchase price and would be paid by the buyer, according to the people.
A spokesperson for Governor Kathy Hochul said she “announced a general agreement with the State Legislature on many of the major elements of the FY 2027 Budget. The final budget bills will provide additional details.”