New York’s Pied-à-terre Tax Sparks Backlash From Business Leaders
TL;DR Summary
A proposed pied-à-terre tax on NYC second homes valued over $5 million could raise about $500 million annually for priorities like childcare, transit, and safety, but has drawn sharp opposition from ultrawealthy investors and business leaders who warn it could drive wealth out and hurt New York’s economy; the plan has not yet been enacted.
- 'NYC is cooked': Business leaders and Wall Streeters erupt over proposed luxury second-home tax Business Insider
- NYC Mayor Zohran Mamdani points at Ken Griffin’s $238 million penthouse on Tax Day: ‘Today we’re taxing the rich’ Fortune
- Governor Hochul Announces Pied-à-terre Tax Proposal for Luxury Second Homes Valued at $5 Million or More Governor Kathy Hochul (.gov)
- Tax fight heats up as New York targets wealthy homeowners Fox Business
- Trump claims Mamdani is ‘destroying New York’ with proposed second-home tax The Hill
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