Story · Zohran Mamdani
NYC Mayor Mamdani Notifies Wealthy Second-Home Owners of New Pied-à-Terre Tax
New York City Mayor Zohran Mamdani announced on X that notification letters have been sent to owners of second homes in the city valued at over $5 million, informing them of the upcoming pied-à-terre tax. The progressive tax, passed in May, starts at 0.8% and rises to 1.3% for properties worth $25 million or more. City and state officials estimate the tax could generate $500 million annually from over 11,000 homes. The tax is expected to affect billionaires including Jeff Bezos, Donald Trump, and Jay-Z and Beyoncé. Mamdani specifically called out Citadel CEO Ken Griffin, who owns a $238 million penthouse, and could face a tax bill of $1.3 to $1.4 million. Mamdani stated the revenue will fund parks, libraries, and schools.
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