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A new proposal in New York is turning renewed attention to the city’s ultra-luxury second-home market—and could introduce a new tax for owners who rarely occupy their Big Apple properties.
Governor Kathy Hochul has put forward a pied-à-terre tax targeting residences valued at $5 million or more that are not used as a primary home. In practical terms, owners of high-end apartments and townhouses that sit largely unoccupied—rather than rented out full-time—could face an…
