Mamdani puts wealthy absentee New Yorkers on notice: 'You've got mail'
New York City has begun sending notification letters to owners of non-primary residences valued over $5 million regarding a new pied-à-terre tax. The progressive tax, which ranges from 0.8% to 1.3%, aims to generate $500 million annually for public services.
Why it matters
This policy represents a significant shift in urban taxation targeting ultra-wealthy absentee owners to fund public infrastructure and services.
Mayor Zohran Mamdani said New York City sent notices to properties hit by the pied-à-terre tax. Angelina Katsanis/Getty Images Mayor Zohran Mamdani said those who own pricy second homes in the city should "check their mailbox." On Thursday, the city sent notification letters to properties affected by the new pied-à-terre tax. The tax applies to non-primary homes worth over $5 million. New York City Mayor Zohran Mamdani has a message for New York's wealthy second-home owners: "Check your mailbox." "If you have a second home in New York City worth more than $5M, check your mailbox when you're back in the five boroughs — because you've got mail," Mamdani wrote on X Thursday. "Today, we sent notification letters to property owners, letting them know that our new pied-à-terre tax is coming soon."
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