NYC's pied-à-terre tax lands July 1. For co-ops the city won't collect it, the board has to. One shareholder skips the bill and the city can lien the whole building. Then every closing in it trips that lien search. Boards will just start banning second homes. Watch.
NYC's new pied-à-terre tax bills co-ops, not shareholders. The board collects, the lien hits the whole building, and DOF can audit residency 6 years after filing. Live july 1 for units over $1m. Clean title just got harder to promise.
A federal rule was about to put a report on the real buyer behind every all-cash NYC closing, and title companies were the ones filing it. A texas court vacated it, so that report is off for now. But the old targeting orders still flag LLC cash buys here, and FinCEN appealed.
Starting july 28 NYC co-op boards get a 45-day clock to decide your deal. They left themselves a door. A summer recess notice tolls the clock through july and august, and a missed deadline is a $1,000 fine. A faster no is still a no.
They sold the new nyc second-home tax as a billionaire thing. For co-ops and condos it actually starts at $1M, and only if your primary home is somewhere else. A $1M apartment isn't a pied-a-terre, it's a one-bedroom. The whole bill turns on proving where you really live.