Will the pied-à-terre tax be a windfall for cash-strapped New York City? Comptroller Mark Levine said Thursday that all depends on rules and enforcement for the yet-to-be enacted surcharge on wealthy property owners.
Gov. Kathy Hochul’s proposed tax on high-value second homes in New York City could raise roughly $500 million a year if carefully designed — but revenues could fall well short without clear rules on exemptions, enforcement and owner behavior, according to a new analysis that Levine released on April 30.
