A new tax targeting high-value secondary homes in New York City has taken effect, imposing additional levies on non-primary residences worth over $5 million and certain co-op properties valued at $1 million or more. The measure, introduced as part of a broader municipal policy, aims to generate revenue while addressing housing affordability concerns in one of the world’s most expensive real estate markets. Critics argue the tax could disproportionately affect wealthy residents, while supporters claim it will help fund public services amid rising costs. The policy marks a shift in how secondary property ownership is treated financially in the city.
The pied-à-terre tax, which places a surcharge on non-primary residences in New York City valued over $5 million, as well as co-ops valued at $1 million or more, was rolled out as part of Mayor Zohran ...
