NYC loses more than half of pied-a-terre tax appeals, threatening projected revenue pot: ‘Out the window’

Source: New York Post

More than half of the thousands of homeowners who have already appealed the city’s new pied-à-terre tax have won their cases, threatening the levy’s much ballyhooed revenue potential.   When Big Apple Mayor Zohran Mamdani and New York Gov. Kathy Hochul announced the controversial tax on luxury second homes — or co-ops worth more than $1 million and houses over $5 million — in the city, they claimed the policy would generate $500 million-plus in revenue.