Pied-à-terre tax homeowners given notice, Mamdani says
The pied-à-terre, unveiled earlier this year, is the biggest step made yet for one of Mamdani’s major campaign points – taxing the rich.
One of Mayor Zohran Mamdani’s major campaign promises was taxing the rich – and it looks like it could be happening soon.
New York City officials began notifying those affected by the newest pied-à-terre tax, sending out letters across the five boroughs.
Here’s what to know.
What is a Pied-à-terre tax?
Pied-à-terre, French for “foot on the ground,” means a secondary home or residence.
The new tax “will levy an annual surcharge on one to three family homes, condominiums and co-ops valued above $5 million when owners have a separate primary residence outside of New York City,” the city says.
It’s the first of its kind in the state and is the first step to one of Mamdani’s major campaign points, which was taxing richer residents more. It’s projected to bring in $500 million in annual revenue, the city said at the time.
“The measure targets ultrawealthy out-of-city residents and global elites who use New York City real estate as a vehicle for wealth storage rather than as homes,” a previous release on the move said.
One of the examples the Mamdani administration used was billionaire Ken Griffin, who owns an almost $240 million penthouse in Manhattan. The clip caused controversy after Griffin himself called the video “creepy and weird” and said that what really upset him “was the fact that he put me in harm’s way.”
NYC sends out letters to affected homeowners under the new rich tax
This week, letters began going out to homeowners that “may be subject” to the new tax via mail, the city says. A release on the move called it “the first step in implementing the tax.”
NYC officials also released a website to help those through the process at nyc.gov/npsurcharge, and added 24 new jobs within the Department of Finance and the Office of Administrative Tax Appeals to assist the program’s implementation.
“Today, we sent notification letters to property owners, letting them know that our new pied-à-terre tax is coming soon,” Mamdani posted to X Thursday, July 23.
“The best city in the world deserves the best parks, libraries, and schools in the world. That’s only possible when we all pay our fair share.”
