NYC Pied-a-Terre Tax Temporarily Blocked by Judge

Summary

Laura Nahmias discusses a state judge temporarily blocking New York City's new pied-à-terre tax, with the city seeking to keep implementing it before an August 31 hearing. She explains the rollout has generated confusion and appeals from primary residents, and the city lacks reliable data on second homes. The number of properties ultimately subject to the tax may shrink significantly from initial estimates.

• A state judge temporarily blocked New York City's pied-à-terre tax pending an August 31 hearing.
• The city filed a countermotion to keep implementing and collecting the tax until the judge rules.
• The tax was pitched at wealthy second-home owners but letters reached many primary residents.
• The city published a list of 900,000 properties and sent letters to 17,000 property owners.
• Thousands of property owners have filed appeals saying they should not be taxed.
• The city conceded it lacks reliable data on where all second homes are located.
• The number of properties subject to the tax may shrink to roughly 10,000 to 13,000.