David Fitzhenry

Mayor Zohran Mamdani has pushed for a "pied-à-terre tax" on pricey New York City properties, which was passed by the state legislature. The new policy applies to second homes valued at over $5 million and forces wealthy homeowners to confront the reality of the tax. Experts note that despite attempts to find loopholes or creative workarounds, the statute leaves little room for evasion.