A proposed New York City tax would apply to properties worth more than $5 million that are not used as a primary residence, targeting owners whose main homes are outside the city. The tax requires legislative approval and has drawn criticism from President Donald Trump and other business figures. Jeff Bezos compared the tax to tourist and hotel taxes, saying such taxes are common but must be set judiciously so visitors do not stop coming. Mayor Zohran Mamdani supported the tax and cited Ken Griffin’s $238 million penthouse as an example. Bezos said Griffin is not a villain and is not harming New York, while criticizing the singling out of Griffin’s property.
"“Taxes on out-of-towners are very popular taxes. That's why there are hotel taxes,” Bezos said. “There are limits. If you raise the hotel taxes too much, the tourists stop coming,” he added. “So you have to be judicious, but I think that the pied-a-terre tax is a fine thing for New York to do.”"
"The pied-a-terre tax would apply to New York City properties valued at more than $5 million that are not occupied as a primary residence. The tax would affect owners whose primary residence is outside the city. New York Gov. Kathy Hochul originally proposed the tax, which was later backed by Mamdani."
"In a video posted online, Mamdani pointed to billionaire Citadel CEO Ken Griffin's $238 million penthouse, purchased in 2019, as an example of the kind of property that would be subject to the tax. Griffin's deputy at Citadel said in a memo to staff that the company might rethink a $6 billion redevelopment project for one of its midtown offices after Mamdani's “shameful” comments."
"“Ken Griffin isn't a villain. He hasn't hurt anybody. He's not hurting New York. In fact, quite the opposite,” Bezos said in the interview. “That piece of it isn't right, and there was no reason to do that,” he added, referring to the singling out of Griffin's property."
Read at www.businessinsider.com
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