Enables any city having a population of one million or more to impose and collect taxes on vacant ground floor commercial premises

S 2699 allows cities with populations over one million (like New York City) to create a tax on owners of ground-floor commercial properties that have remained vacant for six months or longer. The tax rate cannot exceed $2,000 per square foot annually, and cities must define "vacancy" in their local rules - excluding properties with active renovation permits (up to one year). Revenue from this tax would go to the city's general fund. The bill does not mandate the tax but authorizes cities to implement it through their own local laws.