"When I ran for mayor, I said I was going to tax the rich. Well, today we're taxing the rich."
"These units are sitting empty. And even so, they're able to reap the huge financial rewards of owning property in, dare I say, the greatest city in the world."
New York City has implemented its first pied-à-terre tax targeting luxury properties valued over $5 million owned by non-residents. Mayor Zohran Mamdani announced this initiative outside billionaire Ken Griffin's residence. The tax aims to generate at least $500 million annually, funding services like free childcare and street cleaning. The proposal, supported by Governor Kathy Hochul, requires state legislature approval. Mamdani emphasized the need to address the unfairness of empty luxury units benefiting from property ownership in the city.
Read at Fortune
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