March 8, 2019. Gov. Andrew M. Cuomo is considering a new tax that would hit the very rich who keep co-ops and condominiums in Manhattan for when they stopover for business or pleasure.
Some public policy advocates have referred to the pied-à-terre tax as the perfect tax because it can raise billions of dollars from people who are so wealthy that it might not matter much and don’t vote for city or state officials, anyway.
Cuomo’s plan, as with proposals by Sen. Brad Hoylman (D-Manhattan) and the labor-backed Fiscal Policy Institute, would tax property valued at $5 million and more.
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