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The Price of a Pied-a-Terre

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After the New Year, a crapload of tax laws changed, including one that affects owners of pied-à-terres in New York City. State legislature voted to extend a tax abatement for co-op and condo owners, but for the first time, the abatement will only apply to primary residences, making city crash pads more expensive. But really, when you own a second home in one of the priciest real estate markets in the world, a few thousand more dollars is just a drop in the money bucket. [NYO]