Only they call it the ‘pied-à-terre tax.
From the New York Times:
A plan to tax the rich on multimillion-dollar second homes in New York City has rapidly moved closer to reality, as legislative leaders in Albany and Gov. Andrew M. Cuomo have all signed off on the idea as a funding stream for the city’s beleaguered subway system. …
Under the Senate’s bill, a pied-à-terre tax would institute a yearly tax on homes worth $5 million or more, and would apply to homes that do not serve as the buyer’s primary residence.
Same arguments too:
Kathryn Wylde, president of the Partnership for New York City, said the tax would not be well received within the business community. She suggested that such a tax … could further push the wealthy to reconsider living here. …
But Moses Gates, a vice president at the Regional Plan Association, disputed the notion that New Yorkers would leave the city. The association believes that most wealthy pied-à-terre owners would pay the tax. If they chose to sell, then the property has the chance of being purchased by a full-time city resident, who would then be subject to income and sales tax.Read more »