Although New York’s pied-à-terre tax is described as way to tax billionaires owning expensive second homes in the city, the tax would not fall only on billionaires but would impact all homeowners. The tax would apply to owners even if they have lived in their home for years but decide to spend six months each year elsewhere. It would be levied on retirees whose homes have appreciated in value, hitting them particularly hard.
The tax also would have the unintended consequence of burdening the owner of every apartment who lives in a cooperative where even one apartment is subject to it, including those owned by full-time residents. This
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