Mamdani, Hochul team up on pied-à-terre tax: What to know

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New York Gov. Kathy Hochul (D) and New York City Mayor Zohran Mamdani (D) have proposed a new tax on property owners who have second homes in New York City worth more than $5 million, in an effort to narrow the city’s budget deficit by targeting the ultrawealthy. The “pied-à-terre tax” would be an annual…

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