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PoliticsNYC Mayor Mamdani sends pied-à-terre tax notices to owners of second homes valued over $5M
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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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New York City Mayor Zohran Mamdani has a direct message for the city's wealthy second-home owners: "Check your mailbox."
"If you have a second home in New York City worth more than $5M, check your mailbox when you're back in the five boroughs — because you've got mail," Mamdani wrote on X Thursday. "Today, we sent notification letters to property owners, letting them know that our new pied-à-terre tax is coming soon."
About the Pied-à-Terre Tax
The tax, which passed in May, levies an annual tax on non-primary homes valued at $5 million or more. It is a progressive tax structure:
- 0.8% for properties valued at $5 million
- Up to 1.3% for properties valued at $25 million or more
City and state officials estimate the tax could raise $500 million annually and would apply to over 11,000 homes.
"The best city in the world deserves the best parks, libraries, and schools in the world. That's only possible when we all pay our fair share," Mamdani said Thursday.
Who Will Be Affected
The controversial tax is expected to impact a number of billionaires with second homes in New York City, including:
- Jeff Bezos
- President Donald Trump
- Jay-Z and Beyoncé
Mamdani specifically called out billionaire Ken Griffin, CEO of Citadel, in a video promoting the tax earlier this year. The video was filmed in front of a penthouse that Griffin purchased for $238 million in 2019. Griffin, who resides in Miami, also owns other units in New York City.
Based on Business Insider's calculations, Griffin could owe between $1.3 million and $1.4 million for his pied-à-terre tax bill.
The mayor's office did not immediately respond to a request for comment.
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NYC Mayor Mamdani Notifies Wealthy Second-Home Owners of New Pied-à-Terre Tax