New York City Mayor Zohran Mamdani used Tax Day to unveil an annual tax on high-value properties owned by people who do not live in the city full-time, framing the measure as part of his broader effort to raise taxes on wealthy residents and property owners.
Mamdani announced on Wednesday:
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-à-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…
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