**NYC Targets Empty Mansions: Can a "Pied-à-Terre" Tax Finally Pass?**

A proposed tax on luxury second homes in New York City is gaining political momentum. Governor Kathy Hochul now supports the measure. The so-called "pied-à-terre tax" would target non-primary residences worth over $5 million. Proponents argue it would generate revenue from wealthy, often part-time residents who use city services but pay less in taxes than full-time homeowners. Similar proposals have failed in the past due to strong opposition from real estate groups. They warn it could hurt the high-end property market. This year, the political climate may be different. With increased focus on economic inequality, supporters believe the tax has its best chance yet. The debate centers on fairness and the city's need for funding.