Delays Mount as Albany Struggles to Pass State Budget: Cash Home Buyers to Face New Surcharge. New York City homeowners who purchase properties in cash may soon face a new financial hurdle, as lawmakers in Albany consider a surcharge on such sales. The proposal, expected to be included in the state budget, would add another layer of complexity to the already contentious budget negotiations. With the state budget now more than six weeks overdue, the surcharge's fate remains uncertain, but its potential impact on the city's real estate market could be significant. As the clock ticks on, stakeholders are watching closely to see how this proposal will shake out.
The new surcharge on sales of some New York City homes purchased in cash are expected to be included in the state budget, which is now more than six weeks late.
