New York City Mayor Zohran Mamdani's pied-à-terre tax is moving ahead. But will it work?

New York City Mayor Zohran Mamdani speaks about the fiscal year 2027 budget in New York City on May 12, 2026. (Photo by TIMOTHY A. CLARY / AFP via Getty Images) Timothy A. Clary | Afp | Getty Images From New York to Vancouver to London, a once-niche policy idea is moving into the mainstream of urban finance: taxing pied-à-terre properties , second homes, vacation apartments, and luxury units that sit partially or entirely unused. …