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, as well as co-op apartments 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 investors and out-of-town buyers, raising questions about its economic impact. Supporters, however, contend it will help fund public services amid rising demand for luxury properties.
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 ...
