A New York appeals court has cleared the way for NYC Mayor Zohran Mamdani to advance a controversial tax targeting expensive second homes, overturning a lower court ruling that had challenged how the measure was introduced.
The proposed pied-à-terre tax, backed by Gov. Kathy Hochul and Mamdani, would apply to luxury properties valued above $5 million that are not used as primary residences. City officials estimate it could bring in approximately $500 million annually.
The appeals court dismissed the homeowners’ lawsuit on legal standing grounds, allowing the plan to move forward…