New York Tax on Cash Home Purchases Close to Collapsing

Added: 2026-05-23

[00:00:00]Catton covers New York and joins us now with more.

[00:00:03]So I mean, not only did he have these meetings with Wall Street executives, there was a lot of news on Mamdani tax proposals overall, and I've kind of lost track of what is a go, what is not a go. Just get us up to date here.

[00:00:15]Sure. So the string of meetings is happening this week. Uh, David Solomon, uh, Jamie Diamond, a bunch of others. And, uh, exactly.

[00:00:23]Jamie Diamond came out and said, um, it wouldn't be helpful for, you know, the competitiveness of New York City to keep the sort of anti-business or slew of taxes going. Um, but then you had Jeff Bezos, who said, I like this new, uh, tear or second home tax.

[00:00:42]He's fine with it. Um, and then on top of all of that, just this week, there's a whole other tax that was, uh, presented, um, or planned for, um, to tax all cash, uh, transactions where a home is purchased worth $1 million or more at 1%. So this all happened in one week.

[00:01:01]That tax that last one is now off the table.

[00:01:05]Okay. That last tax is off the table.

[00:01:07]And it feels like that would apply to a lot of properties in New York City, um, that are being purchased certainly for more than $1 million and in this case for all cash. Um, there was another tax that we haven't mentioned yet, and that was the, um, property tax increase that is off the table now, that is now off the table.

[00:01:24]Mamdani when he presented his budget, he said, we are not going to do that.

[00:01:28]Um, he got some help from Governor Hochul, a $4 billion, um, you know, aid package.