US cities and states consider new taxes on second homes

9 articles · Updated · The Wall Street Journal · May 6

New York City plans a levy on pieds-à-terre worth at least $5 million, while Rhode Island targets homes over $1 million left uninhabited for 183 days.
Montana and San Francisco courts are also weighing extra taxes on vacant homes, as governments seek politically attractive ways to raise revenue and free up housing supply.
The debate comes as housing costs strain owners nationwide; separate data showed 119,000 US properties had foreclosure filings in the first quarter, up 26% year on year.

Is the hidden 'exit tax' on selling a greater cause of empty homes than the wealthy owners who keep them vacant?

While thousands lose their homes to foreclosure, will new taxes on luxury vacation properties actually fix the housing market?