March 28, 2017 Comments Off on de Blasio Makes On-Site Point about Mansion Tax Views: 865 New York News, Properties, Top New York Stories

de Blasio Makes On-Site Point about Mansion Tax

Mayor Bill de Blasio visited Manhattan’s tallest residential building March 23 to make a point about his proposed Mansion Tax for New York City.

“Sales at this one building alone would have kept 2,000 seniors in their homes,” said Mayor de Blasio, during his appearance at 432 Park Ave.

If it was on the books, the Mayor’s proposed 2.5% marginal tax would have raised $30.2 million from 62 sales at the luxury condominium property since December 2015, according to Department of Finance records.

The money would have gone to the City’s “Elderly Rental Assistance Program,” to help seniors struggling with their housing costs. Citywide, the proposed Mansion Tax would generate $336 million annually, enough to support 25,000 seniors with rental assistance of up to $1,300 a month.

The State Legislature is now considering legislation — Assembly bill A.6584 and Senate bill S.5336 — to potentially enact the tax.

Read More at City Hall

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