Bill Ackman Warns NYC's Luxury Home Tax Will Backfire, Says It Could Lower Property Values and Tax Receipts
Bill Ackman warned New York City's pied-à-terre tax could reduce property values and weaken future tax revenue collections.
A famous investor thinks a new NYC tax on fancy second homes might backfire—making those homes worth less money and actually bringing in fewer taxes overall, not more. When smart investors worry about how a new rule might hurt both buyers and the government, it's worth thinking about whether the rule will work the way people hoped.
Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
Disclosure: Educational and informational purposes only — not financial advice. We educate, not advise. Market data may be delayed up to 15 minutes unless marked real-time. Past performance is not indicative of future results.