New York City's wealthy elite may soon face a new tax burden, but this time, it won't be confined to Manhattan's high-rise apartments. A proposal by a New York legislator aims to extend the city's pied-à-terre tax, which targets luxury second homes, to the state's upstate regions. The move is seen as a bid to address growing concerns about the affordability crisis and gentrification in smaller cities like Buffalo, Albany, and the Hamptons. If passed, the tax could generate significant revenue for local governments and help alleviate the strain on local housing markets.
Could pied-à-terre tax find its way upstate? At least one New York legislator hopes so. Gothamist
