May­oral Hope­ful Sal Al­banese Calls for Pied-a-Tierre Tax on Prop­erty Own­ers

The Jewish Voice - - NEW YORK - By: Hadassa kala­ti­zadeh

May­oral can­di­date Sal Al­banese called for a piedà-terre tax, say­ing that wealthy ab­sen­tee prop­erty own­ers should pay two or three times more in prop­erty taxes. “I’m propos­ing a pied-aterre tax, which would tax for­eign in­vestors who park their money in lux­ury real es­tate all over the city,” Al­banese said. “I think we need to tax them and then di­rect that rev­enue into af­ford­able hous­ing — to build real af­ford­able hous­ing.” He said over­seas in­vestors own15% of the city’s lux­ury hous­ing, leav­ing them un­oc­cu­pied. Such a tax could bring bil­lions of dol­lars in rev­enue to the city, he said. “No New York City tax­payer will be on the hook,” said Al­banese. “No city res­i­dent will pay an ex­tra dime in taxes. It will be for­eign in­vestors.”

This isn’t a new idea. In 2014, Mayor Bill de Bla­sio con­sid­ered a sim­i­lar pro­posal by State Se­na­tor Brad Hoyl­man, as per The Real Deal. Se­nate Repub­li­cans op­posed the pro­posal and the tax was not put into ac­tion. The real es­tate in­dus­try has been adamant that in­creas­ing taxes for pied-à-terre own­ers would have a dev­as­tat­ing ef­fect on the lux­ury mar­ket and buyer sen­ti­ment. Al­banese took a shot at the in­cum­bent Mayor, re­mark­ing “They own Bill de Bla­sio, big real es­tate does.” On Wed­nes­day Au­gust 23rd, NY1 will host a 90-minute Demo­cratic may­oral de­bate with Sal Al­banese ver­sus Mayor de Bla­sio. As the only Demo­cratic chal­lenger go­ing up against Mayor Bill de Bla­sio, Al­banese has not yet got­ten much at­ten­tion or funding. The Ital­ian born 67-year-old, has a BA in Ed­u­ca­tion from York Col­lege, and an M.A. in health from NYU. He spent 11 years as a pub­lic school teacher. He later earned a J.D. from Brook­lyn Law School. For 15 years, from1983 to 1998, he served as a NYC Coun­cil­man, rep­re­sent­ing Bay Ridge and other neigh­bor­hoods in south­west Brook­lyn. This is his fourth time run­ning for mayor. He also ran un­suc­cess­fully for Congress in 1992, and state Assem­bly in 1978.

May­oral can­di­date Sal Al­banese called for a pied-à-terre tax, say­ing that wealthy ab­sen­tee prop­erty own­ers should pay two or three times more in prop­erty taxes. “I’m propos­ing a pieda-terre tax, which would tax for­eign in­vestors who park their money in lux­ury real es­tate all over the city,” Al­banese said.

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