Pieds-à-Terre Owners Dominate Some New York Buildings


Peter Faber assessed the constitutionality of a proposed New York City tax on expensive pieds-à-terre. “If you said you are going to impose a special surcharge on apartments that are worth more than $20 million, that would be perfectly legal,” Mr. Faber said. “But the problem comes when you start imposing a special tax on nonresidents. That is unconstitutional under the interstate commerce clause.” Read the full article