BLUE STATE BLUES: That New York Condo Just Got a Lot More Expensive. “Apartment buyers in New York are pausing to figure out how the new tax law will affect ownership costs.”

After four consecutive months of increases, the number of contracts signed in December declined both for new condo buildings and older co-ops and condos.

Overall the number of contracts signed in December, the month the tax overhaul was finalized, declined 12% from the same month in 2016, according to real-estate listing and data site UrbanDigs.com.

Brokers said it was too soon to tell whether the pullback is temporary or may be the beginning of a reassessment of the value of homeownership in light of higher after-tax ownership costs.

If New York is genuinely interested in affordable housing, they could start cutting taxes and regulations.