Zohran Mamdani and Kathy Hochul announced New York’s first pied-à-terre tax. The measure adds an annual surcharge on homes worth $5 million or more if the owner does not live there full-time. It applies to one- to three-family homes, condos, and co-ops. Officials say it could raise at least $500 million a year. The funds are intended to help cover New York City’s budget shortfall linked to migrant costs and services. Mamdani, the city’s first Muslim and South Asian mayor, promoted the plan in a Tax Day video. Real estate groups warn the policy could cool the luxury housing market and push wealthy owners to leave.
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