Pied-à-terre tax on $5M+ second homes

Announced Apr 15 with Hochul. State-enabled annual surcharge on second homes (1-3 family / condos / co-ops) valued $5M+ when owners have primary residence outside NYC. 93% NY public support per April polling. Mamdani Apr 15 video filmed outside Griffin's 220 CPS penthouse went viral (~52M views) and triggered the Citadel/Roth/Apollo Wall Street backlash arc. May 12 FY27 Executive Budget INCLUDES the tax — $500M/yr projected. Comptroller Levine flagged a more realistic $340M-$380M based on Vancouver vacancy data. Still pending Albany ratification (state framework Day 42+, 11th extender through May 14).