In a significant move to address housing affordability, NYC Mayor Mamdani has announced the introduction of a new pied-à-terre tax targeting wealthy second-home owners. The tax, which will affect properties valued over $5 million, has begun mailing notifications to property owners, signaling the start of tax collection aimed at generating an estimated $500 million. The initiative has sparked debate, with supporters touting it as a victory for the city, while critics highlight the potential negative impact on the affluent. As the administration seeks to identify these properties, discussions continue regarding protections for buyers and limitations on appeals for property owners facing the new tax.