Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Rep. Maloney Says SALT Cap Reform is on the One-Yard Line
BEDFORD HILLS—At a press conference earlier today (Dec. 6), U.S. Rep. Sean Patrick Maloney (D-18) expressed confidence that the reform of the unpopular SALT Cap is at hand.
There have been reports that Senate Democrats are at odds over the particulars of how to reform the SALT Cap, which is to be part of President Biden’s “Build Back Better” social spending package. The House passed the $1.75-trillion spending plan in November that includes a provision to raise the $10,000 cap on state and local tax deductions to $80,000 through 2030.
Rep. Maloney was joined by local officials, including Westchester County Executive George Latimer and Bedford Supervisor MaryAnn Carr, as well as representatives of the Hudson Gateway Association of Realtors—former President Leah Caro and Chief Executive Officer Richard Haggerty—at the press briefing staged at the Bedford Hills Community House.
“I am confident it will pass the Senate,” U.S. Rep. Maloney said. “I think if it gets modified, I think it will be minor modifications.” He later said, “I think we are on the one-yard line here and we are going to punch it into the end zone.”
Rep. Maloney said that the SALT Cap imposed in 2017 under the Trump administration was geared to pay for tax cuts for the wealthy and to punish Democratic-leaning states such as New York and California. “It’s been a fight. It has not been easy getting peoples’ local tax deductions, but we have been focused on this like a laser beam and we are going to get it done,” he predicted.
HGAR’s Caro, who is co-chair of the association’s Legislative Committee, said the SALT Cap has suppressed activity among the working and middle class looking to grow or build generational wealth through homeownership. She added that it also deterred younger buyers from purchasing homes in New York State, which Caro noted has contributed “to the brain drain of our great region as other areas and states become more economically appealing” to younger buyers.
“By increasing the cap from $10,000 to $80,000, the pull of owning one’s own home will be restored; providing stability in burgeoning neighborhoods, allowing our young people to stay in the Hudson Valley so we can benefit from their forward thinking and knowledge and keeping New York a place that millions want to call home,” Caro said.
County Executive Latimer said the raising of the SALT Cap will have a beneficial effect on the state and local economies. He said that homeowners will now have more discretionary income to pump back into the local economy that at present is being utilized to pay federal income taxes due to the harsh SALT cap.
He added that the decrease in tax burden will also make homes in Westchester more attractive and affordable to more middle-income buyers.
“I don’t think there is any question that this is a home run for local governments and local residents,” Latimer said.
Bedford Supervisor MaryAnn Carr said that the Bedford area has seen a great influx of new families moving into the area. “This particular tax cut is going to mean a lot to this community and the residents of this community,” she said.
Carr said that many Bedford residents are not wealthy and are members of the working class that will greatly benefit from the raising of the SALT Cap.