CNBC: Luxury Manhattan Real Estate Holding Up Despite Pied-à-Terre Tax — Counter-Narrative to Wall Street Exodus

CNBC reports Manhattan luxury sales remained strong through Q1 2026 despite the announced state pied-à-terre tax on $5M+ second homes. Counterpoint to the prevailing exodus narrative (Citadel/Vornado/Apollo) — real-estate data shows the tax has not yet dented top-end transaction volume. Real estate principals note ultra-wealthy buyers may absorb the surcharge rather than relocate primary residence; second-home buyers in particular are not deterred by an annual surcharge versus a wealth tax.

• keptPied-à-terre tax on $5M+ second homes
• brokenCorporate tax hike ($1.75B/year)
• brokenDouble DCWP budget to $135M
• brokenIncrease Human Rights Commission funding to $21M

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