Mayor Zohran Mamdani on praised Gov. Kathy Hochul’s proposed “pied-à-terre” tax, which would impose an annual surcharge on second homes valued above $5 million that are not primary residences.
The measure targets absentee owners who do not pay New York City income taxes and could generate roughly $500 million annually, while allowing owners to avoid the tax by making the property their primary home or renting it out.
Traders predict a 14% chance Mamdani’s 2% millionaire tax will go into effect before 2027.
Mayor Zohran Mamdani on praised Gov. Kathy Hochul’s proposed “pied-à-terre” tax, which would impose an annual surcharge on second homes valued above $5 million that are not primary residences.
The measure targets absentee owners who do not pay New York City income taxes and could generate roughly $500 million annually, while allowing owners to avoid the tax by making the property their primary home or renting it out.
Traders predict a 14% chance Mamdani’s 2% millionaire tax will go into effect before 2027.
