A controversial new tax proposal targets wealthy individuals who own second homes in certain areas, imposing an additional levy on both the property itself and the income generated from it. Critics argue the measure unfairly penalizes non-residents while supporters claim it will curb speculative investments in housing markets. The policy could reshape real estate strategies for high-net-worth individuals, particularly those with multiple properties. Details on how the tax will be structured and enforced remain under scrutiny as lawmakers debate its implementation.
Exclusive | Mamdani’s Pied-à-Terre Tax Hits Wealthy Out-of-Towners With a Double Whammy WSJ
