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Taxing Matters

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A Hunter College professor believes we need to reform the rules related to condos. Tracing their history in New York side alongside co-ops, as well as their meteoric rise in popularity (and price) in recent years, Matthew Gordon Lasner proffers a few suggestions for how the city can benefit. 1) "Limit property-tax abatements to units that are occupied a majority of the year," and considering a pied-à-terre tax to units that aren't. 2) "The city could also increase the 'mansion tax' on the sale of luxury homes and introduce a new levy on all-cash sales (58 percent of Manhattan condo sales are not financed and therefore pay no mortgage recording tax)." 3) Condo sales could also—gasp—require disclosure of the actual owner. [NYT]