Super-rich complain but experts welcome Mamdani’s pied-à-terre tax

New York City has introduced a tax on second homes, known as a pied-à-terre tax, which is set to generate revenue and help address the city's housing crisis. This policy is a response to the growing number of luxury apartments being bought up by wealthy individuals, which has driven up prices and made it harder for locals to find affordable housing. Experts welcome this move as a step towards making housing more accessible, but some of the city's super-rich residents are complaining about the new tax.

Read the source report: The Guardian