New York's tax on wealthy second-home owners is going into effect. Here's how the pied-à-terre tax will work.

New York Governor Kathy Hochul and Mayor Zohran Mamdani joined forces to tax multimillion-dollar second homes. Michael M. Santiago/Getty Images A plan to tax multimillion-dollar second homes in New York City has officially passed. Gov. Hochul and Mayor Mamdani's new tax on properties worth over $5 million aims to raise $500 million. Citadel CEO Ken Griffin, whose property was singled out by Mayor Zohran Mamdani, has criticized the move. The long-awaited tax on billionaires' second homes in ...