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NYC Targets $5M+ Second Homes with New Tax | Albany News
New York City is cracking down on luxury real estate with a bold new tax targeting second homes worth $5 million or more, sending letters to tens of thousands of owners ahead of tax season. This “pied-à-terre” tax, part of Albany’s budget-balancing strategy, uses computer models—not inspections—to assess eligibility, with possible exemptions for rentals or family occupancy. Critics warn the timing is rushed, and smaller co-ops could suffer as costs shift. Market watchers predict a rush to sell, falling prices, and stalled luxury development. Officials now expect $1 billion in revenue—double…
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