Pied-à-terre tax

In NYC suburbs the real estate tax on single family homes is a least two percent of market value. The new city tax on non resident home owners will increase their property in most cases to less than two percent. Many cities around the world place a higher property tax on nonresident owners. Years ago, we had a non resident income tax in NYC, was that a better way of raising revenue from non residents?

Sorry, I meant a non resident earnings tax. I believe that the tax was less than one percent

Probably a lot of noise but not much real effect. This is chump change to the people affected.

But do you think there will be a net positive effect for the city? Or does this extra money just go into the abyss of the city's budget?

Some spending initiatives are very good in my opinion (childcare ones), some are wasteful (grocery stores), on the balance, I think extra taxes would just allow the city to maintain current spending and initiatives, rather than add anything new. The positive effect is probably just less indebtedness.

I agree. We need to build back the reserve.

Keith, probably into the abyss. Government at every level, particularly the Federal, talks about ways they can spend newly found money but never talk about saving it as reserves or paying down deficits. There will be a huge day of reckoning everywhere in the future.

The five hundred million projected revenue from the tax is less one half percent of the NYC budget. it is a political statement tax , not a real revenue source

I personally think it's largely a nothingburger

Yup - it's a stunt.