The Pied À Terre Tax: A Glimmer of Hope in a City Gone Mad The recent furor over New York City's pied à terre tax has been a tempest in a walk in closet.
Proponents claim it's a sound progressive option to address the city's housing shortage and wealth inequality, while detractors argue it's a bureaucratic nightmare that will unfairly penalize middle class homeowners.
The city's affordability crisis is well documented: rising costs have pushed artists, care workers, retirees, young parents, blue collar types, and entrepreneurs to the brink.