Loading ...Mamdani’s property tax hike on middle-income New Yorkers is officially dead
The property tax proposal may be dead, but the mayor still seems poised to move forward with another hotly-debated housing levy: taxing multimillion-dollar second homes. The pied-á-terre proposal, a tax on non-residents’ homes worth at least $5 million, was announced by Hochul and Mamdani in April. The specifics of that plan — which Hochul and Mamdani say would raise $500 million, although the city comptroller estimates it could come in closer to $380 million — still haven’t been sketched out, and it’s not yet clear when it would take effect. It does, however, amount to an agreement between local and state governments to tax some ultra-wealthy homeowners.
“When I ran for mayor, I said I was going to tax the rich,” Mamdani said in an announcement video, filmed in front of billionaire Ken Griffin’s Central Park South apartment building. “Well, today we’re taxing the rich.”