Council Member Brewer on pied-a-terre revenue projections and property count
Brewer asks how much the pied-a-terre surcharge will raise and how many properties it impacts. Commissioner Lee confirms confidence in the $500 million target, affecting approximately 8,000 properties, with adjustments possible as DOF verifies residences through the engagement process.
Just one last question on the Pieda tier.
So now that we have the true outline of the new tax, can you tell us how much money that you think it'll raise next year?
We're confident they will meet the $500 million target as outlined in the executive budget.
Okay.
More or less, but right around $500 million?
We're confident on the $500 million.
Okay.
And how many properties will this impact?
It's going to impact about 8,000 properties.
8,000, okay.
And how confident are you that these numbers will be the final numbers?
So we're confident in our analysis, but with that said, we're going to start the engagement process with the owners to verify their residences and make any other adjustments as per the legislation.
Our models right now do account for some of these, but
There might be some changes here and there as we go through the process.
Okay, perfect.