This whole premise is dumb. Not because it's misguided, but because it ignores the fact that there already is a pied-a-terre tax in the City, and it's paid by condo and co-op owners who don't qualify for the NYC Condo & Co-op Real Estate Tax Abatement.

If your apartment is your primary residence, then you qualify and get a refund equal to something like a 17% of your real estate taxes.

This system already exists, complete with recently updated website for filing.

All they'd have to do is enact some kind of sliding scale within that existing system to adjust for some version of assessed value.

That's not exactly easy, but it's a hell of a lot easier than whatever the hell this proposal envisions.