NOT A SURPRISE---NOT TODAY---AND PROBABLY NOT TOMORROW EITHER-- NYC LOSES MORE THAN HALF OF PIED-A-TERRE TAX APPEALS, THREATENING THAT PROJECTED REVENUE POT

More than half of the thousands of homeowners who have already appealed the city’s new pied-à-terre tax have won their cases, threatening the levy’s much ballyhooed revenue potential. When Big Apple Mayor Zohran Mamdani and New York Gov. Kathy Hochul announced the controversial tax on luxury second homes — or co-ops worth more than $1 million and houses over $5 million — in the city, they claimed the policy would generate $500 million-plus in revenue.

But the city Department of Finance told The Post that as of Friday morning, exemption applications had hit 10,000, with a whopping 5,700 approved — and the lawsuits and exemption requests are still coming in fast and furiously. MORE AT NYC loses more than half of pied-a-terre tax appeals