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Mamdani Puts Rich Absentee New Yorkers on Notice: 'You've Got Mail'
Business Insider • • business
Key Points:
- New York City Mayor Zohran Mamdani announced that notification letters have been sent to owners of second homes valued over $5 million, informing them about the upcoming pied-à-terre tax.
- The new tax, passed in May, imposes an annual levy starting at 0.8% and rising to 1.3% for properties worth $25 million or more, targeting non-primary residences.
- Officials estimate the tax could generate $500 million annually and affect over 11,000 homes, with revenues intended to fund city services like parks, libraries, and schools.
- The city’s Department of Finance has provided property owners with resources, including a dedicated webpage and eligibility tools, to address questions and exemptions.
- The tax is expected to impact wealthy individuals such as Jeff Bezos, Donald Trump, Jay-Z and Beyoncé, and was notably highlighted by Mamdani in reference to billionaire Ken Griffin’s $238 million penthouse purchase.
