00:00New York lawmakers have approved a new pied-à-terre tax targeting ultra-luxury second homes
00:05in New York City worth more than $5 million. The measure, backed by Mayor Zoran Mamdani,
00:11is expected to raise hundreds of millions of dollars annually to help close the city's
00:15growing budget gap. Supporters say the tax asks wealthy non-residents to contribute more to city
00:21services and housing affordability efforts. Critics in the real estate and finance industries
00:26warn the move could discourage investment and push wealthy buyers out of Manhattan's luxury market.
00:31The tax is scheduled to take effect July 1st, with roughly 10,000 properties expected to be affected.
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