A New York State judge has issued a temporary restraining order, halting the implementation of the city's highly contentious "pied-à-terre tax" amid a lawsuit filed by a group of wealthy property owners. The tax, which was set to take effect on July 1, would have imposed a 2% annual levy on luxury apartments and homes in New York City that are not the owners' primary residences. Critics argue that the tax is a clear attempt to target the wealthy and drive up costs for those who own secondary properties in the city. The lawsuit claims that the tax is unconstitutional and would have a devastating impact on the city's real estate market.
Judge temporarily halts New York City's 'pied-à-terre tax' amid lawsuit The New York State Senate (.gov)
