New York City has approved a new tax targeting high-value second homes to address growing budget shortfalls, with the measure applying to properties valued at over $1 million. Dubbed the "pied-à-terre tax," the levy aims to generate additional revenue amid financial pressures facing the city. The policy distinguishes between primary residences and secondary properties, marking a shift in how wealthier owners may be taxed. Critics and supporters alike are likely weighing the potential economic impact of the decision.
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 ...
