NYC Mayor Zohran Mamdani Unveils $5M+ Pied-à-Terre Tax

Mayor Zohran Mamdani announced a new "pied‑à‑terre" tax targeting owners of second homes in New York City valued at more than $5 million. Notification letters have been sent to property owners, and the tax will begin at 0.8 % for single‑family homes and at 4 % for condos and co‑ops once they exceed the valuation threshold.

The mayor says the revenue will fund city parks, libraries and schools and is being pushed ahead of the 2027 state legislative session as Governor Kathy Hochul seeks re‑election. Critics note that the tax could also affect modest owners whose homes have appreciated, and question whether the revenues will meet the city’s spending goals.