Co-op Inventory and Price Reductions
This may be anecdotal but I've had my dream apartment search set on Streeteasy for 5+ years and in the past few weeks I've seen more inventory and price reductions than in the past four years. Perhaps the proposed pied-à-terre tax is working?
NY real estate has been held by those that live elsewhere for a few months a year to avoid NY/NYC income tax. I've started to consider this myself in the past few months because after 15 years here it feels like I'll never be able to afford my 55% effective income tax rate (not a high income just fed tax + self employment tax + NY/NYC tax + Unincorporated NY business tax) and an apartment greater than 600 sq ft.
What are your thoughts on the pied-à-terre tax and Manhattan real estate?