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

"New York City's Budget Gap Closes with Pied-a-Terre Tax: A Levy on Luxury Second Homes In a bid to alleviate the city's financial woes, New York State lawmakers have approved a new tax on nonprimary residences in the city. Dubbed the 'pied-a-terre tax,' this measure will target second homes valued at $1 million or more, hitting high-end property owners with a significant financial burden. The tax is expected to generate millions in revenue, which will be used to help close the city's budget gap. As the city continues to grapple with rising costs and declining government funding, the pied-a-terre tax is seen as a crucial step towards stabilizing the city's finances."

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 ...