Randy Mastro on Pied-à-Terre Tax: It’s Ridiculous to Think That Over 70% of the Most Valuable Homes in NYC Are Vacant Because They’re Second Homes
RUSH EXCERPT:
MASTRO: "Is so,so, you hit the nail on head. Those threatening notices, like the 17000 homes there’s only 24000 homes in New York City that meet the property value threshold for imposition of a second-home surcharge the city is sent to over 70% of them? That they owed the surcharge? That is ridiculous to think that over 70% of the most valuable homes in New York City are largely underutilized to our vacant because they are second homes. Obviously overinclusive obviously flooded the zone. Some folks are the 17000 a small minority will end up owing the surcharge. But the vast majority do not. I got one. Former first deputy mayor of New York City until December 2025 lived 25lives in the city for 40 was my kernel for more than a decade and legally required to live in New York City as a first deputy mayor. How did I get a notice? The cities screwed up. Whether it’s a negligence, laziness or as you suggest in the evidence is mounting that this was intentionality but this was an attempt to ensnare thousands of people into having to pay a surcharge they never show by flooding the zone, threatening them, given the very short deadlines originally a notice sent at the end of July you had to apply for an exemption under that notice by August 21 or deemed to over the tax they have extended that into September. But the fact of the matter is there is a real consequence to submitting to their exemption process in this administration because they have reserved the rights and their own rules to penalize you 50% if they disagree with your filing and they think you did something negligent or misleading, a 50% draconian penalty for submitting to the process. And by the way they say so just send your tax returns to us the state gave them access to who has paid city taxes and nobody paid city income tax is not a resident here. They would not access the information the state made available to them they want me and you to turn over our tax returns. Our most private personal information to them. Do you think I want the trinity demonstration ofdemonstrated by I don’t. And now that’s what thousands of New Yorkers have to do under the inverted perverted way this administration has twisted the statue. Which by the way, crystal clear requirement the city in the instance to make a determination you actually owe the tax before coming after you. Instead the city flipped the burden onto the homeowner but it’s fundamentally wrong and illegal."
