Tax on second home, pay freeze for city workers & more suggested by NYC's Independent Budget Office
Taxing second homes, freezing pay for municipal employees and hiking the price of a ferry ticket are among a slew of new suggestions from the city’s Independent Budget Office as the city faces a huge revenue shortfall.
The suggested “pied-à-terre” tax would apply to second residences with a market value of $5 million or more, or condo and co-op units assessed at $300,000 or more.
The tax, which would require action by the state legislature, could raise $390 million per year, according to IBO. A proposal to implement such a levy failed last year in Albany.
A citywide pay freeze would save the city $1 billion in 2021, IBO estimates. While the city is in a hiring freeze and Mayor de Blasio has urged unions to find savings, the city could save funds by canceling anticipated wage increases, the office stated.
https://www.msn.com/en-us/news/us/tax-on-second-home-pay-freeze-for-city-workers-and-more-suggested-by-nycs-independent-budget-office/ar-BB1bxGDX?li=BBnb7Kz