New York City Introduces Tax on Luxury Second Homes, Targeting Ultra-Wealthy
New York City has introduced a tax on luxury second homes valued over $5 million, aiming to generate at least $500 million annually for public services. The policy targets individuals like Ken Griffin, whose $238 million penthouse is highlighted as an example of the ultra-wealthy benefiting from rising real estate values without residing in the city.
Topics: Ken_Griffin luxury_property New_York_City taxation ultra-wealthy