"When I ran for mayor, I said I was going to tax the rich – well, today, we're taxing the rich. This is an annual fee on luxury properties worth over $5 million whose owners do not live full time in the city."
"The new 'pied-a-terre' tax would apply to one- to three-family homes, condos, and co-ops valued at more than $5 million when the owner's primary residence is outside New York City."
"The mayor's office expects that the New York tax would raise at least $500 million annually, with funds earmarked for priorities such as free childcare, cleaner streets, and safer neighborhoods."
New York City Mayor Mamdani supports a proposal for a new tax on ultrawealthy second-home owners, targeting properties valued over $5 million. This 'pied-a-terre' tax aims to generate at least $500 million annually, focusing on billionaires who do not reside full-time in the city. The tax is part of Mamdani's campaign promise to tax the rich and is designed to fund initiatives like free childcare and safer neighborhoods. The proposal is still pending approval from the state legislature.
Read at www.businessinsider.com
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