The tax, which will be implemented in stages, is anticipated to bring in $500 million, although revenue estimates are complicated by New York's arcane property tax system that, per The New York Times, undervalues high-end real estate.
Discussing the new pied-à-terre tax on second homes.
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Mamdani has defended the tax as a fair way to generate $500m in annual revenue in a city with vast socioeconomic inequality.
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Doing so would provide immediate protection while allowing families, employers and communities the certainty they need.
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