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Should luxury condo owners fear the taxman?

Posted by Scott Van Voorhis November 14, 2013 06:02 AM

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Here's one New York trend for Boston's high-rise set to keep an eye on.

New York Mayor-elect Bill de Blasio apparently is scaring the daylights out of luxury condo owners in the Big Apple with his plans to hike taxes on the rich.

De Blasio wants to boost New York City's income tax - yes, New York has its own income tax - to 4.41 percent on everyone in the city making $500,000 and up.

New York's new lefty/progressive mayor says he will use the extra millions to pay for universal pre-K.

Anyway, that already has some super rich Manhattan condo owners checking out new digs in exclusive Englewood and other New York suburbs, CNBC's Diana Olick reports.

So what has this got to do with Boston?


At least on the national scene, Boston Mayor-elect Marty Walsh's victory is seen as a companion piece to de Blasio's big win in New York, part of an urban progressive political wave sweeping our country's major cities.

Like de Blasio - who grew up in Cambridge - Walsh, former head honcho for Boston's construction unions, is a politician of the new left.

Unlike de Blasio, Walsh has kept mum about the specifics of his plans for Boston beyond the broad outlines of a feel-good, progressive agenda.

OK, there's no separate income tax in Boston and so no way for Walsh to simply rip a page out of de Blasio's playbook.

Still, you had better believe Walsh and his advisers are paying close attention to what's happening down in the Big Apple. And you would have to think the growing forest of high-rise condo towers on the Hub's skyline represent a tempting cookie jar to raid for a politician of any stripe.

In the end, though, Boston is too conservative a town for a de Blasio-style, soak-the-rich agenda, whatever liberal platitudes our local pols spout.


This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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