New York Mayor De Blasio's second residence surcharge wins in appeals court, but the legal battle is not over yet
Businessinsider
1h ago
Ai Focus
On Wednesday, the Appellate Division of the New York State Supreme Court ruled that the city of New York may proceed with the “pied -à- terre” surcharge on second homes worth over $5 million, overturning a ruling in September this year that supported the homeowners in their lawsuit. However, this tax still faces other legal challenges, including a constitutionality lawsuit that will be debated in December.
Helpful
No.Help

New York City Mayor De Blasio Mamdani ( Zohran Mamdani ) has just achieved a major victory – and those who own luxury second homes in New York may soon have to pay for it.

On Wednesday, the Appellate Division of the New York State Supreme Court ruled that the city of New York may implement its “pied -à- terre” surcharge. Previously, this tax faced obstacles in September: a judge from Staten Island supported the New York City homeowners who filed a lawsuit against the implementation of this tax. The ruling stated that this tax, which targets second homes valued over $5 million, caused confusion during its implementation and exposed personal information, therefore its method of enforcement needs to be redone. On the same evening, the city of New York applied to suspend the execution of the tax and filed an appeal against the September ruling.

The appellate court overturned this decision and ruled in favor of New York City, explaining that these property owners did not have the legal standing to file a lawsuit and were unable to prove that they had suffered any damages. The ruling stated that the "confusion" cited by the owners was not sufficient to prove actual damage, as it was "too general, far-fetched, and brief." The court also noted that the owners' concerns about potential future damages were "based on speculation about possible scenarios," rather than evidence of actual harm.

Regarding the concerns raised by homeowners—that is, in order to avoid paying this tax, they would have to spend time and money to prove that their home is actually their primary residence—the court stated that tax documentation work usually takes time anyway, and no documents were submitted to substantiate these costs.

Landy Mastro ( Randy Mastro ), the attorney representing the property owner plaintiff, stated in a statement that it is "regrettable" that the court has decided to overturn the ruling from September.

He said, "What New York City is doing here is unacceptable – trying to drag thousands of people who do not owe this additional tax into it, forcing them to prove that they live in their own homes, or else they will have to pay the tax. Now, this lawless and chaotic data collection scheme will not be corrected."

However, this tax still faces other legal challenges before its official introduction.

Wealthy individuals who reside in Florida but own property in New York, as well as businessman Steve Wynn ( Steve Wynn ) and former U.S. Secretary of Commerce Wilbur Ross ( Wilbur Ross ), also filed a lawsuit against the state of New York in September regarding the constitutionality of this tax. Debates surrounding this lawsuit are scheduled to take place in December.

Mastero said, "The day when this 'pied -à- terre' surcharge will finally be put to trial will come next month, and its constitutionality will be determined at that time. We still believe that we will win and completely end this unconstitutional surcharge."

Tip
$0
Like
0
Save
0
Views 30
CoinMeta reminds readers to view blockchain rationally, stay aware of risks, and beware of virtual token issuance and speculation. All content on this site represents market information or related viewpoints only and does not constitute any form of investment advice. If you find sensitive content, please click“Report”,and we will handle it promptly。
Submit
Comment 0
Hot
Latest
No comments yet. Be the first!
Related
November 5th Overseas Market Headlines: Trump Says When the Iran War Ends Will Be Up to Him; Qualcomm's Earnings Guidance Under Pressure Arm Quarterly Revenue Outlook Meets Expectations
Trump delivers speeches on the Iran war and midterms, stating that he will decide when the war ends; Qualcomm's quarterly performance exceeded expectations but profit guidance fell short, leading to a decline after the market closed; Arm's quarterly revenue outlook met expectations, with the data center business helping to offset the sluggish smartphone market.
The Block
·2026-11-05 07:08:40
17
AI Political Action Committee Spends Millions of Dollars Trying to Influence Congress, What Was the Result?
Political groups supporting and opposing the AI industry spent millions of dollars in the mid-term elections on Tuesday, attempting to influence the outcome and shape the future of AI regulation. However, the results were mixed, with some candidates who received substantial financial support ultimately losing.
TechCrunch
·2026-11-05 07:08:38
20
Close on November 5: U.S. stocks closed higher, the Dow Jones rose 1569 points. AI concept stocks tumbled against the trend, oil prices fell by more than 8%
U.S. stocks rose significantly on Wednesday as the Democratic Party achieved a decisive victory in the mid-term elections in the United States, and Trump accepted the election results, eliminating political uncertainty. The Dow Jones Industrial Average rose by 1,569.40 points, and the S&P 500 Index and the Nasdaq also closed higher; large technology stocks generally gained, but AI concept stocks, storage, cloud services, and optical communications sectors declined against the trend. Oil prices plummeted due to the mid-term election results increasing hopes for an end to the Middle East war.
The Block
·2026-11-05 07:08:36
20
Why the Next Bitcoin Soft Fork Could Be Like a Drill
Long-term Bitcoin developer, BIP-54, in collaboration with Matt Corallo, stated that he believes there is an 80% chance that “Great Consensus Cleanup” will become the next Bitcoin soft fork. This proposal was first introduced in 2019 and aims to fix four long-standing but not urgent consensus vulnerabilities: poison, blocks, time, warp, bugs, Merkle, malleability, and the repeated coinbase transactions. LayerTwo Labs's Paul Sztorc described such maintenance upgrades as “a bit disheartening.”
Decrypt
·2026-11-05 06:56:11
27
Meta no longer uses fruits to name its AI models
According to people familiar with the matter, Meta will no longer use fruits to name its AI model. This is mainly due to brand considerations, as fruit-based codes do not quite fit with the grand goals of Meta in the AI domain. Meta had previously named its language model and image model " Avocado " and " Mango " respectively.
Businessinsider
·2026-11-05 06:56:09
23
View More