As one might imagine, the lead-up to this law being enacted has already tremendously affected the local housing market. Let’s take a closer look.
In the short term, there has already been a visible effect on the luxury housing market in the city. Wealthy homeowners and investors are frustrated. But what has yet to be determined is how this new tax will be reflected in dealmaking. Will this new transfer tax likely become a point of negotiation between buyers and sellers of these price points, depending on market conditions? It is possible.