New York City Mayor Eric Adams and Governor Kathy Hochul proposed a pied-à-terre tax on second homes worth over $5 million to raise $500 million for the city's budget shortfall, but the proposal faces significant opposition from billionaires like Ken Griffin, Bill Ackman, and Donald Trump, with concerns about property valuation methods, enforcement challenges, and potential economic impacts on the luxury real estate market.
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Mamdani Pied-À-Terre Tax: Who's Getting Hit?Added:
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