Back to today’s briefing

Story perspectives

Appeal’s automatic stay keeps luxury tax rollout paused

8/13/2026

34 7 Full Breakdown

Summary

Story summary

After Judge Wayne Ozzi issued a temporary restraining order halting the tax rollout, the city’s appeal triggered an automatic stay that lets the luxury tax continue.
The surcharge targets second homes over $5 million and condos/co-ops over $1 million and is projected to raise $500 million annually.
President Donald Trump called the tax a “dangerous political ‘experiment’” on Truth Social as the case returns to court on Aug. 31.

1 of 1

Story summary

After Judge Wayne Ozzi issued a temporary restraining order halting the tax rollout, the city’s appeal triggered an automatic stay that lets the luxury tax continue.
The surcharge targets second homes over $5 million and condos/co-ops over $1 million and is projected to raise $500 million annually.
President Donald Trump called the tax a “dangerous political ‘experiment’” on Truth Social as the case returns to court on Aug. 31.