Hochul-Mamdani pied-à-terre folly shows it never stops at ‘tax the rich’
Governor Kathy Hochul and Mayor Zohran Mamdani have proposed a pied-à-terre tax targeting wealthy nonresident owners of high-value second homes in New York City. The plan, initially aimed at properties worth $5 million or more, now appears to include units with assessed values as low as $1 million. Critics argue the tax could disproportionately affect middle-class homeowners and undermine affordability goals.
- ▪The pied-à-terre tax was initially described as targeting 13,000 nonresident owners of second homes worth $5 million or more.
- ▪Hochul's office later clarified the tax could apply to properties with assessed values starting at $1 million, including smaller units like studios and one-bedrooms.
- ▪The tax relies on assessed values rather than market values, and may lead to citywide reassessments of all one- to three-family homes, co-ops, and condos.
- ▪Officials claim the tax will generate $500 million annually, though details on implementation remain unclear and inconsistent.
- ▪Critics warn the policy may extend beyond the wealthy, potentially increasing burdens on middle- and working-class homeowners.
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Opinion editorial Hochul-Mamdani pied-à-terre folly shows it never stops at ‘tax the rich’ By Post Editorial Board Published May 16, 2026, 6:00 a.m. ET Mayor Zohran Mamdani joins Gov. Kathy Hochul to discuss the new WIN-FY27 State Policy Agenda for family and early childhood homelesness. Matthew McDermott for NY Post Don’t say we didn’t warn you: “Tax the rich” always moves past “the rich” real fast. It’s happening with Gov. Kathy Hochul and Mayor Zohran Mamdani’s new pied-à-terre tax before they’ve even figured out how to make it work (if they even can). They announced it as a surtax on 13,000 uber-wealthy nonresident NYC owners of second homes worth $5 million or more.
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