Miami Beach's Luxury Real Estate Market Sees Early Gains from NYC's Proposed Pied-à-Terre Tax A newly proposed tax on luxury second homes, or pied-à-terre, in New York City is sending shockwaves through the high-end real estate market. While the legislation is still in its infancy, one Miami Beach tower is reportedly already counting the benefits, as wealthy New Yorkers and other international buyers look to escape the impending tax. The proposed tax aims to target high-end, out-of-town owners who have been driving up housing prices in the city. As a result, Miami Beach is being touted as a prime destination for those seeking to avoid the tax, and the luxury market is poised to reap the rewards.
The ink isn’t even dry on New York City’s proposed pied-à-terre tax — and one Miami Beach tower is already counting the money.
