The tax applies to homes worth over $5 million whose owners have other primary residences.
New York Mayor Zohran Mamdani and Governor Kathy Hochul announced a new "pied-à-terre tax" on homes worth more than $5 million if the owners have a primary residence outside New York City, reports Daniel Jonas Roche in The Architect's Newspaper.
The tax is common in global cities where many luxury housing units have absentee owners and sit vacant for much of the year. "The tax is supported by 93 percent of New Yorkers, and opposed by the real estate lobby. City Council Speaker Julie Menin, who consistently disagrees with Mamdani on policy issues, supports the tax and said it is 'a smart, sensible proposal.'"
According to Roche, "After the tax was announced, on April 16, New York City Comptroller Mark Levine shared a new commitment to invest $4 billion in pension fund capital toward affordable housing, as part of a new program called the NYC Housing Investment Initiative."
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