"The real estate industry [in NYC] is mobilizing to kill a proposed levy on non-resident owners of apartments valued at more than $5 million, seeking to ensure the world's biggest city doesn't follow London, Hong and Singapore in extracting cash from trophy properties." - Henry Goldman and Allyson Versprille, "Real-Estate Pros Fight NYC Tax on Wealthy Absentee Owners," in Bloomberg, October 15, 2014. Here is the article.
Investing in residential real estate is big business in NYC. Lobbyists against what's called the "pied-a-tierre" tax contend that those investors create 500,000 jobs. According to Bloomberg, initially it would raise $665 million a year. That would go into common-good initiatives such as affordable housing and better schools. Eventually the number would probably go up as taxes usually do. Opponents might frame this as a sort of "Robin Hood" caper.
Can such a levy drive the wealthy from NYC? That's what a key argument has been against the measure. NYC's identity is as the city for money. On the other hand, Washington D.C. is the setting for power. Can NYC "afford" to lose that identity? After all, money attracts money.