00:00When I ran for mayor, I said I was going to tax the rich.
00:04Well, today, we're taxing the rich.
00:07I'm thrilled to announce we've secured a pied-a-terre tax, the first in New York's history.
00:11This is an annual fee on luxury properties worth more than $5 million,
00:15whose owners do not live full-time in the city.
00:17Like for this penthouse,
00:20which hedge fund CEO Ken Griffin bought for $238 million.
00:23This pied-a-terre tax is specifically designed for the richest of the rich,
00:27those who store their wealth in New York City real estate,
00:29but who don't actually live here.
00:30But even so, they're able to reap the huge financial rewards of owning property
00:34in, dare I say, the greatest city in the world.
00:36And most of the time, these units are sitting empty,
00:38since, again, they don't actually live here.
00:41This is a fundamentally unfair system that hurts working New Yorkers.
00:45Now, it's coming to an end.
00:46This tax will raise at least $500 million directly for the city.
00:51It'll help fund things like free childcare, cleaner streets, and safer neighborhoods.
00:54As mayor, I believe everyone has a role to play in contributing to our city.
00:59And some, a little bit more than others.
01:01Happy Tax Day, New York.
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