Photo via PropertyShark
A mansion in Forest Hills Gardens

Queens neighborhoods accounted for 44 of the 11,973 apartment and home sales in New York City exceeding $2 million over the last three years.

The Independent Budget Office (IBO) recent study showed the number of home and apartment sales in all boroughs from 2014 to 2016 over $2 million. Forest Hills accounted for 16 of the residential sales. Sunnyside/Hunters Point also made up 13 of those sales. Other Queens neighborhoods included were Douglaston, Little Neck, Flushing, Whitestone, Astoria and Long Island City.

This study was a result of Mayor Bill de Blasio proposing a 2.5 percent surcharge of all residential sales in New York City of $2 million or more. De Blasio’s “mansion tax” was one of the featured proposals addressed in his State of the City speech on Monday, Feb. 13.

This is not the first time that de Blasio has suggested this tax. The mayor also brought the issue to state lawmakers in January after it was rejected in 2015.

His plan will allegedly raise more than $330 million in revenue for the city in 2018. The funds allocated will go toward affordable housing for as many as 25,000 low-income senior citizens, according to Mayor de Blasio.

“It’s very simple: when you sell a home worth $2 million dollars or more, you pay a little bit more,” de Blasio said. But to some New Yorkers, it’s not that “simple.”

Disagreements over the mayor’s proposal are due to the lack of actual mansions sales that exceed $2 million. According to residents, this $2 million threshold reflects more on middle-class homes and apartments in NYC. Nearly 75 percent of the residential sales in NYC over $2 million were in 10 Manhattan neighborhoods in 2016.

De Blasio hopes his mansion tax proposal will further his plan toward additional affordable housing for New York City residents.

To view IBO’s report on residential sales over $2 million in New York City, click here.


Join The Discussion

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Steven Katz February 20, 2017 / 04:13PM
I think it's time for the city (and other levels of government) to stop trying to find new things to tax and to find ways to cut the cost of providing essential services. Stop being involved in things that are not part of being a government, such as entertainment venues.

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