Real Estate

Pied-a-Terre Tax Revival Is Latest Threat to NYC’s Luxury Market

State lawmakers to try again for levy on $5 million-plus deals
Developers argue additional costs would further dent demand

New York skyline from Central Park.
Photographer: George Rose/Getty Images North America

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By Oshrat Carmiel

November 4, 2019 at 10:00 AM UTC

New York’s pied-a-terre tax, left for dead earlier this year, is back on the table and the real estate industry is gearing up for a fight.

Fresh off imposing an increased “mansion tax” and eliminating privacy protections favored by well-heeled buyers, state lawmakers are reviving efforts to tax second-home purchases of $5 million or more.