Judge orders Mamdani administration to cancel pied-à-terre tax notices and start over | Fortune

The ruling leaves New York City’s tax on luxury second homes in place but wipes out the thousands of warnings the city mailed this summer.

• A judge has ordered New York City to cancel its pied-à-terre tax notices and restart the process, citing procedural errors in how the tax was implemented.
• The ruling does not invalidate the tax itself but requires the city to individually assess properties before issuing notices, impacting an expected $500 million annual revenue.
• The city plans to appeal the decision, while other lawsuits challenging the constitutionality of the tax are also underway.

Topics: Legal regulatory, Jurisdictions, Asset types, Securities law classification, Regulatory sandboxes pilots, Real assets

Tags: #piedaterretax #newyorkcity #luxurysecondhomes #taxnotices #judgeruling #propertyowners #surcharge #mayormamdani #randymastro #wilburross

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'Buy a ticket for 60 bucks and resell it for $6,000': NYC Mayor Mamdani criticized FIFA's resale market, but his jersey drop created the same thing | Fortune

The New York City mayor has been very vocal about FIFA's resale market and how ordinary, working class New Yorkers were priced out of a limited supply.

• New York City Mayor Mamdani criticized FIFA's high ticket prices and resale market, advocating for accessibility for working-class New Yorkers.
• However, the city's own release of limited-edition World Cup jerseys faced similar issues, with high demand leading to rapid sell-outs and significant markups on the resale market.
• This situation highlights the challenges of managing scarcity and demand, even when attempting to provide affordable access to desirable items.

Topics: Asset types, Scalability, Institutional adoption, Alternative assets, Market depth liquidity, Asset manager initiatives

Tags: #fifa #resalemarket #newyorkcity #jerseys #scalping #limitedsupply #ticketprices #mayormamdani #workingclass #speculators

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