It also would need the signature of Governor Andrew Cuomo, a Democrat who built a campaign treasury of more than $30 million by accepting donations from corporate executives and real-estate developers. On his campaign website, he vows to “reverse the mentality of New York as the tax capital of the nation.”

More than 80 percent of the $665 million generated would come from 445 units valued at more than $25 million, whose owners would pay an average $1.2 million a year in taxes, said James Parrott, policy institute’s chief economist.

‘Arcane’ Structure

“Such non-primary owners are unlikely to be paying New York City personal income tax, and because of the arcane nature of the city’s property tax, or because such units benefit from tax breaks mainly intended to benefit more affordable housing for low- and middle-income residents, chances are they pay a very low effective property tax relative to the real market value of the property,” Parrott said.

Bob Knakal, chairman of Massey Knakal Realty Services, which represents owners in the sale, retail lease and financing of their properties, called the proposal “nothing but a dumb idea” that would reduce the ability to finance construction.

He predicted the surcharge would cut the market value of a $50 million apartment by 50 percent. At $15 million, the value would fall by 15 percent and at $6 million, it would be decreased by about 2 percent, he wrote in the New York Observer.

“When buildings don’t get built, construction jobs are not created and other local workers are not hired,” Knakal wrote. “Architects, designers, engineers, lawyers suppliers and a host of others who perform services for these projects would have less work.”

‘Slippery Slope’

At New York’s Citizens Budget Commission, a business-funded fiscal-monitoring group, President Carol Kellermann questioned the need for the pied-a-terre levy, particularly after de Blasio and the city council in June enacted a $75 billion spending plan that the mayor said would ensure five years of fiscal stability.

“It’s a slippery slope to say that property owners we don’t approve of should have a different property tax,” Kellermann said. “Today it’s Russian oligarchs. I don’t know who might be next.”

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