Laura Nahmias

The levy targets single-family homes worth $5 million or more and apartments worth $1 million or more.

Mayor Zohran Mamdani defended the rollout of a new tax on highly valued second homes in New York City, saying only property owners who receive a letter from city officials will be impacted by the levy.

A windfall in corporate profits for the largest banks has led to billions in extra tax revenue for New York City, shrinking the city's budget shortfalls.

Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on luxury second homes is going to work.

The so-called pied-à-terre tax is expected to take effect July 1 this year and would affect roughly 10,000 single family homes, coops and condominiums citywide.

The New York City mayor held individual meetings with Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon, amid flurry of recent tax proposals.