Hochul, Mamdani ‘pied-à-terre’ tax won’t raise $500M – and could cost NYC millions: comptroller

Source: New York Post

Mayor Zohran Mamdani and Gov. Kathy Hochul’s proposed tax on luxury second homes in the Big Apple will fall far short of its $500 million goal — and drive wealthy residents out of the city, according to the city comptroller’s office. City Comptroller Mark Levine found that the proposed policy — framed as a needed revenue booster for the city and state — would likely bring in closer to $340-$380 million, over $100 million less than Hochul and Mamdani have claimed.