The Wall Street Journal recently published a guide to the new tax laws that took effect January 1, 2018. The 80 page guide lays out how the laws will impact most Americans, with an estimated 80% enjoying a tax cut in 2018; 5% (likely not enjoying) a tax increase; and the remaining 15% not seeing a change. Since the New York City real estate market is dependent upon the income of Americans and industries from all over the country, the new tax code is sure to have a ripple effect in Manhattan. Moody’s Analytics predicts that home prices will be between 4-10% lower in the summer of 2019 than they would have been without the tax code changes. Let’s take a look at the changes laid out in The Tax Cuts and Jobs Act to get a sense for what we might expect – I’ve ordered them so that those most likely to impact the NYC real estate market are on the top.