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CCU submitted testimony at yesterday's hearing before the City Council on the implementation of the Pied-à-Terre Tax. We raised serious concerns about how the program is affecting co-op shareholders and buildings and we are pleased to share that Council Members have responded to our concerns and we are actively engaging with legislative officials on these issues.
What We Told the Council:
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DOF should bill shareholders directly, rather than forcing co-op buildings and volunteer boards into the middle of tax collection.
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The preliminary roll is inaccurate and should not be treated as final or used for enforcement.
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The January 1 payment deadline is unworkable for co-ops and does not reflect how buildings actually operate.
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Innocent purchasers can inherit liabilities they did not create and have no ability to cure.
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The $1 million threshold is widely misunderstood and is largely ineffective when applied to co-op ownership.
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Volunteer boards and managing agents should not be doing the City's job by acting as tax administrators or enforcement agents.
- State enforcement based on the current roll should stop until the information is accurate.
At yesterday’s hearing, constituents and Council Members also raised concerns about the rollout and the release of names and addresses of city residents living in high-value homes. There was disappointment that the Mayor's Office did not appear to address many of the questions and concerns raised.
We hope to hear more from the Mayor's Office in the coming months.
Read CCU's full testimony in the linked PDF and learn more about what this tax could mean for co-op shareholders and buildings across New York City.
CCU will continue fighting for a fair, accurate, and workable approach that protects co-op communities.
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