NYC Mayor Mamdani Announces State's First Pied-à-Terre Tax with Governor Hochul

<cite index='5-2,5-3'>Mayor Zohran Kwame Mamdani and Governor Kathy Hochul announced the proposal of the state's first pied-à-terre tax, a major step toward closing New York City's budget gap while protecting the public services working New Yorkers rely on. The pied-à-terre tax — supported by 93% of New Yorkers — will levy an annual surcharge on one to three family homes, condominiums and co-ops valued above $5 million when owners have a separate primary residence outside of New York City.</cite> The measure marks the first time such a tax has been enacted in New York State.

• brokenCorporate tax hike ($1.75B/year)
• keptPied-à-terre tax on $5M+ second homes
• brokenDouble DCWP budget to $135M
• brokenIncrease Human Rights Commission funding to $21M