""When I ran for mayor, I said I was going to tax the rich. Today, we're taxing the rich.""
""This pied-à-terre tax is specifically designed for the richest of the rich, those who store their wealth in New York City real estate, but who don't actually live here.""
""Most of the time, these units are sitting empty since, again, they don't actually live here. This is a fundamentally unfair system that hurts working New Yorkers. Now, it's coming to an end.""
""I expect the tax to raise $500 million annually directly for the city, which I'd put toward efforts like free childcare, cleaner streets, and safer neighborhoods.""
New York City Mayor Zohran Mamdani announced a new pied-à-terre tax aimed at wealthy property owners who do not reside in the city full-time. This tax applies to residential properties valued over $5 million. Mamdani emphasized that the tax targets the richest individuals who benefit from New York real estate without contributing to the community. The initiative is expected to generate $500 million annually, which will be allocated to services such as free childcare, cleaner streets, and safer neighborhoods.
Read at Fast Company
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