Mamdani Announces Pied-a-Terre Tax: ‘Today We’re Taxing the Rich’

EXCERPT:

MAMDANI: “When I ran for mayor, I said I was going to tax the rich. Well, today we’re taxing the rich. I’m thrilled to announce we’ve secured a pied-a-terre tax, the first in New York’s history. This is an annual fee on luxury properties worth more than $5 million whose owners do not live full-time in the city, like for this penthouse, which hedge fund CEO Ken Griffin bought for $238 million. This pied-a-terre tax is specifically designed for the richest of the rich, those who store their wealth in New York City real estate, but who don’t actually live there. But even so, they’re able to reap the huge financial rewards of owning property in, dare I say, the greatest city in the world.”