NYC Cash Home Tax Faces Backlash

New York City’s proposed 1% tax on all-cash home purchases over $1 million is facing backlash as lawmakers consider scrapping it—despite aiming for $160 million annually to plug budget gaps. With 75% of luxury Manhattan deals paid in cash last year, the tax could hit a market already strained by high rates and affordability. The move mirrors a national trend where wealthy buyers bypass mortgages, prompting lawmakers to target cash transactions—even if buyers might dodge it via small loans. Industry insiders are furious the proposal surfaced last-minute, alongside a second-home tax, with little explanation and past precedents showing mixed results. Elsewhere: Zillow wins MLS access in Chicago, former Vornado exec Jared Solomon says he’s broke with just $100 left, and NYC hotel workers strike a major win with new contracts paving the way for six-figure housekeeper pay. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d5cac683c7825631