'OUR BIG CRISIS': Top NYC agent slams Mamdani tax, exposes HUGE market threat
New York City real estate agent Michelle Griffith of Douglas Elliman criticized the city's secondary home tax, known as the pied-à-terre tax, arguing it creates confusion in the market for buyers, sellers, and professionals. Griffith stated that the tax is not helping the real estate market and that the primary crisis facing New York City is a lack of inventory, which is down 7% year-over-year.
The pied-à-terre tax and the ongoing inventory shortage create uncertainty for New York City's housing market, potentially impacting transactions and the city's appeal to residents and businesses.
The discussion also touched on the city's budget deficit and the need for spending cuts, as well as the general strength of the Manhattan market despite these challenges.
MAMDANI TAX PIED-À-TERRE TAX NYC REAL ESTATE INVENTORY SHORTAGE