City lawmakers are making another push to overhaul New York’s notoriously arcane property tax system. A new proposal backed by 13 Republican and Democratic City Council members would tax new homebuyers on the actual market value of their properties, the New York Post reported. Taxes for existing owners would remain unchanged. “The Post calls it a gentrification tax or a ‘yuppie tax,’ but most NYers know it as the ‘de Blasio loophole,’” Staten Island City
source https://therealdeal.com/2019/12/26/gentrification-tax-city-lawmakers-call-for-fix-to-completely-screwed-system/
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