A Tempest in a Walk-In Closet
New York City has implemented a new tax on high-value pied-à-terre properties to address housing shortages and wealth inequality. While the policy has faced criticism for its rollout, proponents argue it is a necessary step to ensure the city remains accessible to working-class residents.
Why it matters
It highlights the ongoing tension between luxury real estate development and the affordability crisis in major global urban centers.
New York City’s pied-à-terre tax is a reasonable policy.
Illustration by Matteo Giuseppe Pani / The Atlantic September 1, 2026, 9:58 AM ET Share Save If you were trying to identify the spiciest policy affecting the fewest Americans, you’d struggle to do better than New York City’s pied-à-terre tax.
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