Mamdani proposes pied-à-terre tax on wealthy second homes in New York City
Updated
Updated · CNN · May 7
Mamdani proposes pied-à-terre tax on wealthy second homes in New York City
12 articles · Updated · CNN · May 7
He highlighted Ken Griffin's $238 million Central Park South penthouse, assessed at $9.4 million, while the city comptroller estimates the levy could raise about $500 million a year.
Griffin called the move "creepy and weird" and said Citadel would expand in Miami, but analysts said the proposal does not fix New York's broader property-tax distortions.
Luxury condos are often taxed far below market value, while renters, large apartment buildings and some Black neighborhoods bear heavier burdens; past reform efforts and pied-à-terre proposals have repeatedly stalled.
Could New York's new tax on the rich inadvertently drive billions in investment to rival cities like Miami?
Is the pied-à-terre tax a real solution or an excuse to avoid overhauling a broken property tax system?