Laura Nahmias

(Bloomberg) -- New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin announced a deal on a $125.8 billion final city budget on

Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on luxury second homes is going to work

The new tax is being implemented rapidly in part to generate revenue to balance the city's budget.

New York Mayor Zohran Mamdani said he’ll forgo a pay increase approved by City Council members as they voted to give themselves their first salary bump in a decade.

A windfall in corporate profits for the country’s largest banks has led to billions in extra tax revenue for New York City, shrinking the city’s budget shortfalls although not nearly enough to fund Mayor Zohran Mamdani’s progressive agenda.

A windfall in corporate profits for the country's largest banks has led to billions in extra tax revenue for New York City, shrinking the city's

More than 31,000 properties are potentially subject to the new tax, according to city data.

Mayor Zohran Mamdani defended the rollout of a new tax on highly valued second homes in New York City, saying only property owners who receive a letter from city officials will be impacted by the levy.

Roughly 2,000 people have completed applications seeking an exemption from New York City’s newly-implemented pied-à-terre tax, a spokesperson for the Department of Finance said Tuesday.

mailed to New York City addresses since July 23rd informing property owners that they may be subject to the tax on high-end, non-primary residences. Overall, about 4,800 owners have at least started the application process to seek an exemption, the Finance Department spokesperson said.