De Blasio's Mansion Tax.................

So now it will cost merely $35,000 one-time fee to buy a 2-bedroom in non-shitty parts of Manhattan, plus mortgage tax if you get a condo.

Why exactly is REBNY supporting this?

I thought there was already a mansion tax in NYC for properties over 1 million dollars.

There is, but it's a state tax in addition to the city and state transfer taxes. The new one would be a city tax.

Maybe a tax just for the occupant of Gracie Mansion? Can depend on fence height.

Soak 'em.
And then soak 'em some more.
As it should be.

Yes. Somebody's got to pay the bills.

Summary:

1.425% NYC Real Property Transfer Tax
0.400% NYS Real Estate Transfer Tax
1.000% NYS "Mansion" Tax ($1,000,000 and over)
1.000% NYC "Mansion" Tax ($1,750,000-$5,000,000)
---------
3.825%

If you're buying and selling often enough for it to matter, then don't.

At least there is a silver lining here, if you are considering a mansion in C0lumbia C0unty, this extra 1% doesn't apply.

ridiculous, I wouldn't mind if this money was going to kindergartens or cops etc.....but when its going to things like 10,000 free Gotennas for Sandy affected businesses you start to wish for "smaller government"
- http://blog.collins.net.pr/2015/05/10000-tax-payer-funded-customers-for.html

All your tax are belong to me.

The tax is not going to change much, but it is ridiculous. There has been a 2% conservation tax on certain property sales for many years on the east end of Long Island, but it is earmarked for a very good purpose (preserving open/farm land). And, it is not entirely an effort to further drain the "rich" and their "mansions" like these taxes. It applies to the entire purchase price over $150K, so purchasers of inexpensive properties pay fairly little. If they dumped this cliff style tax, just implemented a straight 2% tax applied to the price over, say, $500K, and earmarked the revenues for affordable housing, this would seem less like another tax hosing from a douche bag mayor.

Surprised that there is a cap on the mansion tax ($5m). Doesn't fit well into the "tax the rich" narrative. Maybe this was the sweetener rebny accepted to get it on board?

It's not a cap. At $5,000,000 the new tax would go from 1% to 1.5%.

The extra $200-odd million in revenue would go to subsidizing affordable housing.

Probably all moot now, as Albany won't go for it.

Here is what the NYC tax will pay for: http://nypost.com/2015/08/13/gal-pal-of-top-de-blasio-aide-hired-for-cushy-150k-a-year-gig/
“That’s just a made-up position,” said one Democratic insider. “It makes no sense. They create a position for her for $150,000 that’s a redundancy.”

“That’s just a made-up position,” said one Democratic insider. “It makes no sense. They create a position for her for $150,000 that’s a redundancy.”

Well in that case it's worth paying the extra tax.