Hochul, Mamdani ‘pied-à-terre’ tax won’t raise $500M – and could cost NYC millions: comptroller
City Comptroller Mark Levine's analysis of Governor Kathy Hochul and Mayor Zohran Mamdani's proposed 'pied-à-terre' tax on luxury second homes in New York City suggests it would generate significantly less revenue than the projected $500 million, potentially costing the city millions due to wealthy residents selling properties. The report estimates actual revenue would fall between $340 million and $380 million, citing uncertainties around property ownership structures and exemptions for rental units. Drawing on Vancouver's experience with a similar tax, the comptroller warns of a potential exodus of second-home owners, leading to reduced tax revenue and economic activity in NYC.
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Metro Hochul, Mamdani ‘pied-à-terre’ tax won’t raise $500M – and could cost NYC millions: comptroller By Hannah Fierick Published April 30, 2026, 12:11 p.m. ET Mayor Zohran Mamdani and Gov. Kathy Hochul’s proposed tax on luxury second homes in the Big Apple will fall far short of its $500 million goal — and drive wealthy residents out of the city, according to the city comptroller’s office. City Comptroller Mark Levine found that the proposed policy — framed as a needed revenue booster for the city and state — would likely bring in closer to $340-$380 million, over $100 million less than Hochul and Mamdani have claimed. Mayor Zohran Mamdani and Gov. Kathy Hochul want to levy the tax. Luiz C.
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