New York is moving ahead with a pied-à-terre property tax in its budget. Existing taxes from around the world's major cities show the limits of the policy.
New York Mayor Zohran Mamdani changed his strategy to close the city’s financial deficit. After weeks of criticism for his idea of raising nearly 10% of real estate taxes, he decided to withdraw the bill and opt for an alternative. A new tax will now be levied on luxury homeowners who do not live permanently there.Mamdani withdraws the increase in real estate taxes after criticism in New YorkMamdani’s original proposal was to increase property t…