On July 24, 2011, the first marriage vows will be legally exchanged by New York state’s gay couples. While opinions vary about the effect that these new marriages will have on the state’s social fabric, less attention has been paid to the effect that it will have on its economy.
The housing market, the financial sector and many others are likely to see changes when the new law takes effect and the weddings begin. CNBC.com spoke with experts in these fields and others and asked what trends they expect to see when New York state’s same-sex couples start saying “I do.”
One of the benefits to the newly married will be legal protections affording them the emotional and financial security needed that comes in handy when making the decision to purchase real estate.
“When it comes to the state taxes, both heterosexual and same-sex couples will have the same estate benefits,” says Lawrence Rich, Senior Vice President of the Prudential Douglas Elliman real estate firm. “Both parties will be able to have their names legally on documents like proprietary leases in co-ops.”
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