New York legislators are weighing a new tax on all-cash home purchases over $1 million. Under the proposal, buyers would be on the hook to pay 1 percent of the purchase price to cover the levy, sources told Bloomberg. The tax on deals in the city alone is expected to generate $160 million in revenue to help cover the city’s budget deficit.  Lawmakers are also considering expanding the tax across the state, meaning it would apply to some of New York’s other centers of luxury real estate, including the city’s suburbs, the Hamptons and the Hudson Valley.  The proposal would […]

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