Calls To Tax Rich People's Second Homes In NYC Grow Louder

By Elizabeth Kim

Capitalizing on public outrage over a billionaire’s purchase of a $238 million Manhattan penthouse as a part-time pad last month, City Council members are urging the state to pass a pied-à-terre tax, which would levy annual fees on secondary homes worth $5 million and up.

Council members Mark Levine and Margaret Chin on Monday said they planned to introduce a council resolution supporting a state bill that was originally introduced by State Senator Brad Hoylman in 2014.

The next step is for the City Council to adopt what is known as a “home rule” provision allowing the state to pass the bill, since it will only affect New York City.

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