De Blasio makes another push for ‘mansion tax’
Mayor de Blasio on Monday called for introducing a so-called “Mansion Tax” that would hit all residential property sales of $2 million or higher with an extra 2.5 percent tax.
Testifying on state funding for the city’s fiscal 2018 budget in Albany, Hizzoner said the revenue from such a tax — which would require approval from state lawmakers — would go toward creating rent subsidies for as many as 25,000 low-income seniors.
He said such new models for creating affordable housing were necessary at a time when federal funding for these initiatives is uncertain.
“The people who would be affected can certainly afford this additional tax,” the mayor told lawmakers.
City Hall officials said the additional 2.5 percent rate would only apply to the part of the sale price that’s over the $2 million mark.
Such a tax would raise around $336 million in fiscal 2018, according to estimates from the Office of Management and Budget.
The proposal will almost certainly be opposed By Republicans who control the state Senate.
A similar measure sought by the mayor in 2015 was rejected.
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