If any of my colleagues in real estate ask, my official take on Albany’s pied-à-terre tax proposal is that it’s terrible. It’s going to scare off investment, drive away capital, and all the rest.

But just between us, I don’t think it’s going to make much of a difference.

When we talk about cash buyers in NYC real estate, the conversation usually stops at the obvious advantages: fewer contingencies, faster closings, and a stronger hand in bidding wars. But that misses the point. 

On January 20th of this year, buying real estate in New York City will change fundamentally.