New tax on part-time NYC homes picking up momentum

By Henry Rosoff

New York could soon join the ranks of cities likes of London, Paris and Hong Kong with a lucrative new real estate tax.

Newly reintroduced state legislation would tax the owners of pricey second homes, or "pied-à-terres" as they're called, that are making the city less affordable for many.

"The buildings are going up here and nobody is using the local businesses. There just aren't people here," said Nancy Braithwaite who lives in Manhattan part-time.  "There’s money to be had here and they're hiding it, so why shouldn't New Yorkers get a piece of it?"

One issue is that people who own pied-à-terres do not pay NYC income tax, but enjoy city services.

Read the full article here.

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