What do you mean? It's not a tax on commercial property.

One effect might be that wealthy non-residents prefer to stay in a hotel when they visit New York? The amount of money being collected as property tax would pay for a very fancy suite.

I imagine there will be luxury hotel conversions.

Because it's a tax I think on second properties.

You sound like you feel the need to criticize this tax because you want to reflexively attack any idea whereby the rich have to pay their fair share of anything, and thus have strung together a bunch of tokens that seem relevant to you, but actually don't constitute a logical response at all to the issue being discussed.

Who is the "consumer" in this case?

Separate commercial and residential rates? The first $X dollars are not taxed?

We can and have done this.

The elites always promise us trickle down economics, maybe this time it will happen. I wont hold my breath though.

...of property taxes on second homes valued > $1M?

what does this even mean?