The president of the Citizens Budget Commission discusses the upcoming implementation of a tax on vacant residential properties, often referred to as pied-à-terres, in New York City. The policy aims to address housing shortages by targeting long-term vacant units typically used as secondary homes by wealthy owners. Critics argue the measure could impact property values and investment, while supporters highlight its potential to encourage developers to convert empty buildings into affordable housing. The conversation explores how the tax may reshape real estate dynamics in a city already grappling with affordability challenges.
Citizens Budget Commission president talks pied-à-terre tax rollout Spectrum News NY1
