Source: New York Post
New York’s newly enacted pied-à-terre tax could leave entire co-op buildings on the hook for hefty tax bills if a wealthy second-home owner refuses to pay — sparking alarm among real estate brokers and co-op advocates who warn the measure was drafted without accounting for how co-ops actually operate. “It’s not the shareholder that suffers the consequences, it’s the entire building that suffers the consequences,” Jason Haber, co-founder of the American Real Estate Association and a Compass broker, told The Post. The tax spearheaded by Gov.
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