New York City has introduced a new tax targeting owners of second homes, including apartments, condos, and co-ops, to address housing affordability. The policy requires additional payments for properties not used as primary residences, with exemptions for certain circumstances like inheritance or temporary absences. Critics argue it could discourage investment in the city’s housing market, while supporters say it will help fund affordable housing initiatives. The tax applies to eligible properties purchased or leased after a specific date, marking a shift in how secondary residences are taxed in the city.
What to Know About New York City’s Second-Home Tax nytimes.com
