A New York judge has dealt a temporary blow to the city's pied-à-terre tax, a new levy aimed at wealthy owners of second homes in Manhattan. The tax, championed by New York City Mayor Eric Adams, was set to take effect on January 1, 2024, and would have charged non-resident owners of luxury apartments a 2.05% annual tax on the value of their properties. However, a judge has intervened, issuing a temporary restraining order that blocks the tax from being implemented while a lawsuit challenging its constitutionality makes its way through the courts. The move is likely to be seen as a victory for real estate developers and wealthy homeowners who have been fighting the tax, which they argue is an unfair burden on non-resident property owners.
Judge temporarily blocks Mamdani’s pied-à-terre tax on second homes The Guardian
