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Taxes and Commercial Real Estate Activity in NY

Today'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. Thiz 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...

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