Pied-à-terre tax proposal rankles real estate

The latest bid to tap New York’s ultra-wealthy for more money landed with a thud in the city’s real estate circles. Gov. Kathy Hochul this week floated a pied-à-terre tax targeting second homes in New York City valued at $5 million or more, a proposal designed to generate roughly $500 million annually and plug a growing budget gap. The move, unveiled in the 11th hour of budget negotiations, blindsided brokers and developers already bracing for policy shifts under Mayor Zohran Mamdani. The reaction has been swift. Industry players, including the Real Estate Board of New York, argue that the tax […] This article originally appeared on The Real Deal. Click here to read the full story.