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Pied A Terre Tax

All articles tagged with #pied a terre tax

business4 days ago•9 min saved

Ken Griffin Could See a $1.3-$1.4M Pied-à-Terre Tax Hit in NYC

New York City's pied-à-terre tax will tax non-primary condos and co-ops at 0.8%–1.3% of assessed value (with the same bands for single-family homes) and will shift to market-value assessments over two years, affecting about 10,000 properties including Ken Griffin’s three NYC units. Griffin’s estimated next-year bill is roughly $1.3–$1.4 million, driven mainly by his Central Park South penthouse (about $15.6M) and Park Avenue co-ops (~$6.2M combined), with Bezos publicly supportive and other billionaires like Schultz and Trump also impacted.

via Business Insider|

#billionaires #business #ken-griffin

business14 days ago•3 min saved

Bezos Backs NYC Luxury-Home Tax, Pushes Back on Singling Out Griffin

Jeff Bezos publicly supports Mayor Mamdani's pied-à-terre tax on New York City properties valued over $5 million that aren’t primary residences, arguing such taxes can be reasonable if applied judiciously. He also pushed back against criticisms that singled out Citadel CEO Ken Griffin, saying Griffin isn’t a villain. Bezos noted he would be affected since he owns NY properties but lives in Florida. The tax originated with Gov. Hochul and was later backed by Mamdani, and it remains subject to legislative approval amid broader opposition.

via Business Insider|

#business #citadel #jeff-bezos

politics14 days ago•2 min saved

Bezos vs Mamdani: a tax clash over Queens teachers and NYC luxury homes

NYC Mayor Zohran Mamdani pushed back at Jeff Bezos after Bezos said raising billionaire taxes wouldn’t help “that teacher in Queens,” while Bezos urged eliminating federal income taxes for the bottom half of earners. Mamdani and Gov. Hochul back a pied-à-terre tax on luxury $5 million+ city homes to fund services, with comptroller projections around $340–$380 million annually (contested by higher- or lower-end estimates). NYC teacher salaries are set to rise in 2026, illustrating the city’s ongoing tax-the-rich strategy to address affordability and fund services.

via CNBC|

#bezos #mamdani #pied-a-terre-tax

politics22 days ago•11 min saved

Albany lifelines steady Mamdani’s NYC budget

NYC Mayor Zohran Mamdani unveils a $124.7 billion executive budget balanced largely through state aid and new revenues, including a pied-à-terre tax, plus a pension-contribution deferral; the plan avoids tax hikes and raiding reserves but relies on temporary fixes and faces long-term sustainability questions.

via Politico|

#hochul #mamdani #new-york-city-budget

business23 days ago•3 min saved

Manhattan Luxury Real Estate Pushes Ahead as Pied-a-Terre Tax Debated

Manhattan’s luxury market stayed robust in mid-April to mid-May, with 133 contracts for $4M+ and total volume of $1.12B, while $10M+ deals rose 80% to 34, despite Mayor Mamdani’s pied-a-terre tax proposal; brokers warn the levy could dampen demand and drive wealth out of the city, though supporters say it targets non-primary residences and would raise revenue, with valuation and implementation details still debated in Albany.

via CNBC|

#business #luxury-real-estate #manhattan

business27 days ago•313 min saved

Mamdani's pied-à-terre tax exposes NYC's broader property-tax flaws

New York City Mayor Zohran Mamdani’s plan to tax luxury second homes—illustrated by Ken Griffin’s $238 million penthouse—highlights a broader fight over NYC's property taxes. Analysts note the policy would only address a symptom of the system, which undervalues high-end condos while overtaxing renters, and could raise roughly $500 million annually with many second homes valued well above reality. Gov. Hochul has resisted larger wealth taxes, so Mamdani's move is a small step toward his broader agenda rather than a comprehensive reform.

via CNN|

#business #ken-griffin #mamdani

politics28 days ago•312 min saved

Billionaire pushback as Mamdani touts NYC wealth tax plan

New York City Mayor Zohran Mamdani’s plan to tax luxury second homes worth more than $5 million has sparked strong pushback from billionaires, including Ken Griffin and Steven Roth. Roth called Mamdani’s “tax the rich” slogan as hateful as racial slurs, while Griffin described the campaign video outside his penthouse as “creepy and weird.” Griffin’s remarks come as Citadel signals possible relocation of expansion plans to Miami. Proponents say the pied-à-terre tax could raise around $500 million annually from about 11,200 second homes to help reform a tax system the mayor deems unfair; opponents warn the wealthy may flee. The debate mirrors broader battles over wealth taxes in other states and cities.

via CNN|

#ken-griffin #mamdani #pied-a-terre-tax

business28 days ago•2 min saved

Vornado CEO equates 'tax the rich' with slurs, champions the 1%

On a Vornado Realty Trust earnings call, Steve Roth said the phrase 'tax the rich' is as hateful as racial slurs and argued the top 1% drive New York’s economy and taxes; he defended Ken Griffin against mayor Mamdani’s Pied-à-terre tax critique, noted Vornado paid about $560 million in real estate taxes, and suggested Griffin could help back like-minded candidates to grow the tax base.

via The Guardian|

#business #ken-griffin #pied-a-terre-tax

politics29 days ago•5 min saved

Vornado CEO: 'Tax the rich' rhetoric is as hateful as slurs

Steve Roth, CEO of Vornado Realty Trust, argued that calls to 'tax the rich' should be praised, not condemned, claiming the phrase is as hateful as racial slurs during an investor call; he criticized Mayor Zohran Mamdani’s pied-à-terre tax video and suggested Ken Griffin could play a role in educating voters, while Hochul resists broad tax hikes and Citadel weighs a paused $6 billion Midtown project involving Roth’s firm.

via Politico|

#pied-a-terre-tax #politics #steve-roth

politics1 month ago•7 min saved

City Hall Delays NYC Budget as Albany Bailout Push Intensifies

New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin plan to push the May 1 executive budget deadline to mid-May, seeking additional Albany funding to close a roughly $5.4 billion gap and avoid a politically toxic property tax hike, while Governor Hochul remains reluctant to back broader tax increases.

via Politico|

#albany-aid #mamdani #menin

business1 month ago•510 min saved

New York's Pied-à-Terre Tax Tests the Luxury Market Pulse

Governor Kathy Hochul proposes a $5+ million pied-à-terre tax in NYC (backed by Mayor Mamdani) expected to raise about $500 million a year. While the plan aims to help close a budget gap, luxury brokers warn it could dampen sales, depress property values, and trigger a slowdown among ultra‑wealthy buyers, with some pausing or aiming under the $5 million threshold. Others say demand remains strong and the market will adapt, potentially giving primary residences a slight edge as buyers factor in the tax.

via Curbed|

#brokers #business #kathy-hochul

politics1 month ago•25 min saved

Mamdani's 'Godfather' stunt outside Griffin's penthouse sparks Paterson rebuke

New York City Mayor Zohran Mamdani faced sharp criticism from former Gov. David Paterson for a publicity video outside hedge-fund titan Ken Griffin's Manhattan residence to back Kathy Hochul's pied-à-terre tax; Paterson called the stunt Godfather-like and warned it could be dangerous amid political tensions. Citadel signaled it might drop its $6 billion Midtown development in response, and watchdogs questioned whether the tax would raise the projected $500 million in revenue.

via New York Post|

#citadel #kathy-hochul #ken-griffin

politics1 month ago•5 min saved

Citadel Pushback: Mamdani's Targeting of Griffin Prompts NYC Redevelopment Pause Hint

New York City Mayor Zohran Mamdani targets Ken Griffin with a pied-à-terre tax on non-primary homes over $5 million, prompting a Citadel memo that calls the move 'shameful' and hints the firm could pause its $6 billion redevelopment of 350 Park Avenue, a project expected to create thousands of construction and permanent jobs. Griffin, a major GOP donor who moved Citadel’s HQ to Miami, has long supported NYC through taxes and philanthropy; the memo defends Citadel's contributions while noting the potential economic impact of delaying the project.

via Business Insider|

#citadel #griffin #mamdani

us-politics1 month ago•4 min saved

Penthouse spotlight fuels clash over NYC second-home tax plan

New York City mayor Zohran Mamdani pushes a pied-à-terre tax on homes valued above $5 million to fund childcare and reduce the city’s deficit, a plan that would affect about 13,000 properties. Ken Griffin’s hedge fund Citadel hit back in a memo, accusing Mamdani of ignorance and disdain and noting Mamdani filmed outside Griffin’s $238 million Central Park penthouse to underscore his campaign. Citadel says the tax is short-sighted despite its own significant tax contributions and redevelopment plans in the city; Mamdani has said he’s not anti-business and aims to balance needs with revenues. Citadel declined to comment.

via Financial Times|

#citadel #ken-griffin #new-york-city

politics1 month ago•2 min saved

Mamdani’s pied-a-terre tax targets nonresident owners, triggers Citadel backlash

New York City Mayor Zohran Mamdani proposed a pied-à-terre tax on high-value properties where the owner’s primary residence isn’t in NYC, a plan Citadel and Ken Griffin condemned as ignorant and shameful while Citadel highlights its NYC taxes, philanthropy, and a major redevelopment project expected to create thousands of jobs.

via CNBC|

#citadel #ken-griffin #mamdani