Mortgage Reporting Tax

“The mortgage recording tax is charged by New York State “on the privilege of recording a mortgage on real property located within the state.” In NYC, the buyer pays a mortgage recording tax rate of 1.8% if the loan is less than $500,000 and 1.925% if more than $500,000 or more.
IRL it’s an $11K expense that accounts for more than half of my closing costs. Why isn’t the tax being halted to encourage investment in the city. While people are literally heading for the hills we’re doubling down. Give us a break #richpeopleproblems