Mamdani Signals Mail for NYC’s Wealthy Pied-à-Terre Owners

New York City is mailing notices to owners of non-primary homes valued at $5 million or more about a new pied-à-terre tax that starts at 0.8% and rises to 1.3% for properties valued at $25 million+, with officials estimating about $500 million in annual revenue and more than 11,000 affected homes. The city has launched a FAQ page and an eligibility tool for property owners. Among those named or highlighted are Jeff Bezos, Donald Trump, Jay-Z and Beyoncé, and Ken Griffin, who could face a $1.3–$1.4 million bill if his NYC pied-à-terre is subject to the tax.