Welcome to the Real Estate Law weblog. Here you'll find items pertaining to real estate from a lawyer's perspective.
Wed Jun 21, 2006
Taxes and Commercial Real Estate Activity in NYToday's NY Sun has an interesting article sure to reinvigorate the timeless intellectual arm wrestling about whether booms and busts in real estate are primarily driven by tax policy or the business cycle.
This article focuses on the infamous "Cuomo Tax", formally known as the Real Property Gains Tax, enacted in the '80's by then Governor Mario Cuomo. In short, the tax that excluded townhouses and one and two family houses, surcharged capital gains on most other commercial property transactions above $1,000,000 by 10%, preceded a slowdown in the NY marketplace.
Its repeal by Cuomo's successor, George Pataki, either coincided with or caused the beginning of the most recent boom in New York commercial real estate, depending on your philosophy.
Read about both sides of the issue in David Lombino's piece at http://www.nysun.com/article/34784?page_no=1
Another View on the Bubble-No Bubble Coin TossGlenn Roberts, Jr. of Inman News today quotes from findings of the Anderson Forecast, an economic report out of UCLA.
According to the report, housing is more likely to head for a crash rather than the gradually deflating balloon we've all be hearing about lately.
For more, check out the article ( subscription required) at http://www.inman.com/hstory.aspx?ID=53488
Disclaimer. The material provided on this site is for information purposes only and its availability to you does not establish an attorney-client relationship nor constitute legal advice. If you are interested in becoming a client of Hollander and Company LLC, please contact Jay Hollander, Esq. at email@example.com.
Hollander and Company LLC
386 Park Avenue South
New York, NY 10016-8804
Telephone: (212) 576-1061
Facsimile: (212) 576-1078
Directions to our Office.
© Hollander and Company LLC 2003. All rights reserved