The Pied à Terror: A Tax That Targets the Wrong Enemy The latest controversy to grip New York City is a tempest in a teapot, or rather, a walk in closet.
The pied à terre tax, touted as a progressive solution to the city's housing shortage and wealth inequality, has been met with resistance from some of its intended beneficiaries: wealthy elites who own multiple homes but don't live in them.
At first glance, the policy seems sound: targeting out of town owners of luxury condos and co ops rather than middle class homeowners.