In recent days, New York Governor Andrew Cuomo, New York City Mayor Bill de Blasio, and a number of state legislators have expressed their support for legislation that would allow New York City to impose a new tax on non-primary residences with market values exceeding $5 million. This tax would be in addition to existing real property taxes. The bill, known as A4540 in the Assembly and S44 in the Senate, appears to have significant political support and could be enacted quickly.
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