Council Member Narcisse on pied-a-terre surcharge and seniors with fixed incomes

my time is limited if there is a pay to tear surcharge moves ahead is finance ready to administer it and what does it expected to collect

from your time and how does finance um through i mean treat a senior in a fixed income whose home value has soared on paper but whose income has not uh moved at all

so the um we are currently in the implement

implementation stages of the P.A.

De Terre surcharge, and we are confident that we will be able to meet the revenue target of $500 million as a part that was included as part of the executive plan.

I'm sorry, your second part of that question was?

What do you do?

How do you move?

Like you're talking about the last one I'm interested in.

The income whose home value soared, but now the income is fixed.

They don't have no budget increase.

So how do you work with that?

Yeah, so just to outline the contours of the program, right now the program is specifically designed so that for class one properties, those that are valued between five and 15 million

will see a surcharge rate of about 0.8% for 15 to 25 million and 1.05 and 25 million plus on their class one market value will receive a 1.3% surcharge.

For those who are in co-ops and condos, we have a similar sort of structure of one to three at 4%, three to five at 5.25, and five million at 6.5.

We don't necessarily directly look at personal income.

Our first deputy commissioner is going to oversee the implementation phases of the Peter Tear Tax.

I'm happy to have him maybe elaborate on some of the implementation that we have to do and the case of this.

Yes, so two other points that I want to make is first just

To emphasize the nature of the pied-a-terre surcharge.

So this is on people who own two or more homes.

Yes.

Second.

Second home.

Right, second home.

So if it's someone and they are cash poor and their home has soared in value, we understand that.

We do want to make sure people understand that it would need to be their second home where they are not a resident.

The other point that I would like to make on this is that we do offer payment plans.

So if we have someone in that situation and they have a surcharge and they are having difficulty paying it, we can offer a payment plan to them.

But they're period here.

But regular seniors, I want you all to pay attention to that because a lot of them having difficulty holding their home.

And if there's anything that flag, if it's in my district, I want to know because I want to help.

We're happy.

If there are any instances that are coming up that you see where we have secondary homeowners in this situation, we're happy to work with them on any sort of programs that we might have and assist in any way.

So just feel free to reach out to our office.

Thank you, Mr.

Commissioner.

You can still bother him.

You can still go bother him.

Okay.

Councilmember Wong, follow right, Brewer.