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Pied-à-terre tax homeowners given notice, Mamdani says
USA Today • • nation
Key Points:
- New York City has begun notifying homeowners affected by a new pied-à-terre tax targeting secondary residences valued above $5 million owned by individuals with primary homes outside the city.
- The tax, a key campaign promise of Mayor Zohran Mamdani, aims to generate $500 million annually by taxing ultrawealthy non-resident property owners who use NYC real estate mainly for wealth storage.
- This is the first pied-à-terre tax of its kind in New York State and is intended to fund improvements in public services such as parks, libraries, and schools.
- The city has launched a dedicated website and created 24 new positions within relevant departments to assist with the tax's implementation and support affected homeowners.
- The initiative has drawn attention for targeting high-profile owners like billionaire Ken Griffin, whose Manhattan penthouse was highlighted in promotional materials, sparking controversy.
