Bezos Backs Controversial NYC Tax Targeting Ultra
Business Insider • • business
Key Points:
- Jeff Bezos expressed support for New York City's proposed pied-à-terre tax on luxury second homes, likening it to popular tourist taxes such as hotel taxes, while cautioning that tax rates must be balanced to avoid deterring visitors.
- The tax targets properties valued over $5 million that are not primary residences, affecting owners living outside New York City, and was initially proposed by Governor Kathy Hochul before gaining backing from Mayor Zohran Mamdani.
- Bezos, who owns multiple New York properties but primarily resides in Florida, would be subject to the tax, which has faced opposition from figures like former President Donald Trump and hedge fund manager Bill Ackman.
- Mayor Mamdani highlighted billionaire Ken Griffin's $238 million penthouse as an example of properties subject to the tax, prompting criticism from Griffin's company and a potential reconsideration of a $6 billion redevelopment project.
- While supporting the tax, Bezos defended Griffin, stating he is not a villain and criticizing Mamdani's public singling out of Griffin's property as unfair.