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Raymond Sanseverino, chair of Loeb & Loeb’s Real Estate department, is featured in a New York Law Journal article discussing concerns surrounding New York Governor Kathy Hochul’s proposed pied‑à‑terre tax on luxury second homes in New York City and its potential impact on the city’s real estate market and broader economy.
In the article, Raymond noted that the proposed tax could potentially discourage investments and may be perceived as less welcoming to businesses and high net worth individuals.
“I’ve already heard of some clients deciding to stop their search for homes,” Raymond said. “It speaks to a climate that’s not friendly to business or to people with wealth.”
Raymond added that, if the proposal moves forward, he expects a slowdown in home construction, which in turn could reduce work for construction laborers, building service workers and other union roles.
"You're not just affecting the people with wealth," he said. "Maybe they can afford to pay extra in taxes. But you're really affecting those who depend on them."
To read the full article, please see the New York Law Journal’s website (subscription may be required).
In the article, Raymond noted that the proposed tax could potentially discourage investments and may be perceived as less welcoming to businesses and high net worth individuals.
“I’ve already heard of some clients deciding to stop their search for homes,” Raymond said. “It speaks to a climate that’s not friendly to business or to people with wealth.”
Raymond added that, if the proposal moves forward, he expects a slowdown in home construction, which in turn could reduce work for construction laborers, building service workers and other union roles.
"You're not just affecting the people with wealth," he said. "Maybe they can afford to pay extra in taxes. But you're really affecting those who depend on them."
To read the full article, please see the New York Law Journal’s website (subscription may be required).
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Chair, Real Estate