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New York’s Proposed Pied-à-Terre Tax Could Upend the Luxury Real Estate Market
The levy would hit about 13,000 properties and could raise $500 million a year, officials said.
- On Wednesday, New York State Gov. Kathy Hochul and New York City Mayor Zohran Mamdani proposed a tax on non-primary residences valued over $5 million, aiming to generate at least $500 million annually to address city budget gaps.
- Mamdani framed the policy as targeting the ultrawealthy who "store their wealth" in real estate without living in the city full-time, following years of socialist organizing to redistribute the city's wealth.
- The tax would apply to roughly 13,000 properties, potentially affecting Citadel CEO Ken Griffin, Donald Trump, and Jeff Bezos, though many owners hold these assets through trusts or LLCs, complicating identification.
- Within 24 hours, business leaders attacked the proposal, with former Twitter CEO Linda Yaccarino calling it "actually the scariest thing I have seen" and Trump claiming Mamdani is "DESTROYING New York."
- Budget negotiations remain ongoing in Albany, with lawmakers currently focused on separate climate and insurance policies, while analysts suggest this measure serves as a first step toward potential hedge fund taxation.
15 Articles
15 Articles
Actually Zohran Mamdani wanted to introduce a millionaire tax - but the governor did not want to join. Now the New York mayor has announced a compromise: a tax for second homes. By Giselle Ucar.
With a tax on expensive second homes of real estate owners, New York's mayor wants to implement his "Free Promise." Although his plan carries great risks for the city, many Americans are enthusiastic. Zohran Mamdani is also a role model for the German left.
New York’s anti-rich current reaches crescendo with second-home tax plan
NEW YORK — Mayor Zohran Mamdani stood in front of a camera along one of New York City’s most exclusive strips of real estate with a message for his constituents: “Today, we’re taxing the rich.” The post New York’s anti-rich current reaches crescendo with second-home tax plan appeared first on Hawaii Tribune-Herald.
New York proposes a tax on secondary residences of more than $5 million, estimating annual revenues of $500 million. The measure targets investors and non-residents, including large names of technology, finance and entertainment, according to Business Insider. New York Mayor Zohran Mamdani and Governor Kathy Hochul presented the project for the new tax, called ...
New York Mayor Zohran Mamdani wants a ‘pied-à-terre tax’ for apartments over $5 million that are not permanently inhabited....
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