Stay Preserves Tax

The Appellate Division, First Department grants New York City a stay of the lower-court order, allowing the pied-à-terre tax rollout to continue while the appeal is briefed. This is the most likely near-term outcome because appellate courts often preserve the status quo for revenue measures while procedural challenges are reviewed.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.