Non-residents of NYC are going to be amazed by how popular the luxury pied-a-terre surcharge idea is going to be with high earning residents who normally complain about the all-in 50+% tax bracket
Especially when current property tax + common charge/maintenance on a $5mm place runs >$200k/yr (after tax dollars as well to be clear) which means a non tax resident staying 1-180 days in the city each year could spend $1.1k-$200k/night on a luxury hotel room or suite
And if you are doing that Florida 200 days NYC 165 days tax arbitrage, this sort of policy reduces the value of it and perhaps drives the marginal person to not try it and just stay in NYC
PS - that $200k/yr being paid by a Gulf prince or Monaco resident billionaire with an effective tax rate close to 0% is actually $200k versus it’s more like the first $400k pre-tax an NYC resident makes per year (and top 1% income threshold in NYC starts at ~$900k from memory)
Hate to say this as a marsupial that’s now a property owner, but a big reason tier 0 cities globally are so expensive is the global ultra wealthy and merely wealthy like having real estate footprints
It incentives the build of luxury housing but then it’s a housing unit that sits dark most of the year like a Picasso kept in storage
Of all the things for a global tier 0 city to tax, this isn’t the worst idea at all