1 of 1
Story summary
- New York City Mayor Zohran Mamdani proposed a pied-à-terre tax on non-resident owners of homes over $5 million to raise about $500 million.
- Critics, including William Ackman, billionaire investor, say the tax could deter investment and harm communities.
- Analysts say the measure is unlikely to boost affordable housing and may alter property use.
- Berkeley and Vancouver taxes raised revenue but didn't reduce vacancies.
