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Albany reconsiders pied-à-terre tax, could tax real estate sales instead

The state is now considering a tax increase on real estate transactions instead, Politico reported, citing five sources close to the negotiations.One source said the pied-a-terre proposal isn’t dead yet but is “headed there.” Its not immediately clear what a change in real estate taxes would look like.Gov.
Andrew Cuomo continued to push for the pied-à-terre tax in a radio interview on Monday morning, but the tide appeared to have turned by Monday afternoon.Another source told Politico that the tax proved to be too “onerous,” and would further complicate New York Citys already convoluted property tax system.
A recurring topic in city and state politics, the idea of a pied-à-terre tax was put forward again this month as a way to fund the MTA, as it became clear that a plan to legalize and tax marijuana would not come together in time. Albany lawmakers already agreed to a congestion pricing plan on Monday, with revenues earmarked for MTA repairsThe pied-a-terre proposal was poorly received in the real estate world, with the Real Estate Board of New Yorks John Banks saying it would throw a huge wet blanket over the entire industry.

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Chinese regulators crack down on real estate-backed loans from pawn shops

Over the past few years, China has increasingly relied on real estate-backed loans from pawn stores. Pawn shops in the country provided $43 billion,Pawn shops in the country provided $43 billion worth of loans in 2017 while the number of these stores has doubled since 2010 to more than 8,500, Bloomberg reported.
Crucially, more than half the loans in 2017 were backed by real estate. Borrowers for these loans are not required to disclose how the money will be used, according to Bloomberg, and pawn shops in China will often lend up to 40 percent of the value of an apartment pledged as collateral.More than a third of China’s pawn shops had losses as of February 2018. Now Chinese regulators are seeking to increase oversight of this segment of the market amid a widening crackdown on the countrys expansive shadow banking industry.Specifically, the government is looking to increase the capital requirements for pawn shops.The move also comes as Chinas real estate market is reportedly weakening, especially in rural parts of the country.

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