What NYC can learn from other cities with pied-a-terre taxes

Gov. Kathy Hochul shocked the industry earlier this week by proposing an annual tax on pied-à-terres in New York City, targeting second residences valued at $5 million or more.  Hochul isn’t the first New York politician to champion the levy as a way to pad the city’s coffers, though previous iterations never came to fruition. Before it becomes state law, the governor’s plan will need legislators’ approval, which it is likely to get. While the proposal aims to help fill a $5 billion city budget deficit, in the aftermath of the announcement, luxury agents and developers warned it may have […] This article originally appeared on The Real Deal. Click here to read the full story.