If a New York City pied-à-terre tax on luxury second homes has become law in New York City before Jan 1, 2027, then the market resolves to Yes. Laws passed by New York State are encompassed within the Payout Criterion if they apply to or govern New York City. Enactment requires completion of all constitutional and legal requirements for the legislation to become binding law. Standard legislation requiring executive approval: final passage by all required legislative bodies, executive signature OR becoming law despite executive inaction OR successful veto override, and satisfaction of any required waiting periods Legislation not requiring executive approval: final passage and completion of required waiting periods Constitutional amendments: passage with required supermajorities and completion of ratification processes Executive orders: official signature, publication in official government records, and legal effectiveness The following do NOT constitute enactment: Legislative passage without completed executive action Passage by only some required bodies Provisional passage Non-binding resolutions Draft orders Enactment occurs when all requirements are completed, regardless of pending judicial challenges. This market will close and expire early if the law is enacted