New York City lawmakers have approved a new tax targeting high-value second homes to address the city’s growing budget shortfall. The measure, dubbed the "pied-à-terre tax," will apply to nonprimary residences valued at over $1 million, marking a shift in how the city funds its operations. Critics argue the policy could discourage investment, while supporters say it ensures wealthier property owners contribute more fairly. The decision comes as officials seek creative solutions to bridge financial gaps amid rising costs and economic pressures.
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 ...
