New York passes Mamdani's pied-a-terre tax. Here's who pays and how much

"New York City to Impose 'Pied-a-Terre Tax': City Leaders Look to Close Budget Gap with Luxury Home Levy. In a bid to address the city's growing financial woes, state lawmakers have approved a new tax on non-primary residences in New York City. Dubbed the 'pied-a-terre tax,' the measure targets second homes valued at $1 million or more, with the aim of generating an estimated $700 million in revenue. The tax is expected to affect a small but affluent group of property owners, including celebrities, business executives, and wealthy investors who maintain luxury homes in the city for secondary use."

State lawmakers passed a tax on nonprimary residences in New York City in order to help close the city's budget gap. The so-called pied-a-terre tax will be imposed on second homes valued at $1 million ...