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Manhattan luxury real estate sales hold firm despite fears of a 'Mamdani effect'
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- A month after the passage of a tax on second homes in New York City, sales of luxury real estate remain strong and inventory is falling, according to brokers and analysts.
- Kathy Hochul and the state legislature approved the so-called pied-à-terre tax on May 27, real estate agents and developers predicted an immediate impact.
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A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
A month after the passage of a tax on second homes in New York City, sales of luxury real estate remain strong and inventory is falling, according to brokers and analysts.
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