New York City Mayor Eric Adams' administration has suffered a major setback in its bid to implement a pied-à-terre tax, a measure aimed at targeting wealthy individuals who own luxury apartments in the city but don't actually live there full-time. The tax, which was set to take effect on July 1, would have charged owners of secondary residences a 2.5% annual tax on the property's value. However, an emergency order has been issued, putting the tax on hold until further notice, leaving the city's finances and real estate market in limbo. The move is seen as a victory for wealthy property owners who had been fiercely opposing the tax, which they argued would stifle economic growth and drive up costs for renters and homeowners.
NYC Mayor Mamdani's pied-à-terre tax says touché after emergency order halts its implementation i24NEWS
