Can NYC's Pied-à-Terre Tax Really Hit Billionaires' Row?

New York's proposed pied-à-terre tax would apply to non-primary residences valued at $5 million+ to raise about $500 million, but city valuations used by the Department of Finance are often far below sale prices, meaning many luxury units on Billionaires’ Row (like 432 Park Ave) could dodge or only partly be taxed; the rules are still being worked out and officials say around 13,000 properties could be affected, highlighting long-standing inequities in the city's tax system and prompting talk of reform.