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New York City's Pied-à-Terre Tax Sparks Wealth Exodus Warnings Amidst Implementation
worth trackingUpdated 3h ago
Key takeaway: New York City's new pied-à-terre tax on luxury second homes, championed by Mayor Zohran Mamdani and Governor Kathy Hochul, is now being implemented, generating significant debate over its projected revenue versus potential economic fallout from wealthy residents leaving the city.
