{"id":201038,"date":"2026-04-17T18:59:16","date_gmt":"2026-04-17T18:59:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/201038\/"},"modified":"2026-04-17T18:59:16","modified_gmt":"2026-04-17T18:59:16","slug":"pied-a-terres-worth-5-million-or-more-could-be-taxed-in-n-y-c","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/201038\/","title":{"rendered":"Pied-\u00e0-Terres Worth $5 Million or More Could Be Taxed in N.Y.C."},"content":{"rendered":"

\n\tA new proposal in New York is turning renewed attention to the city\u2019s ultra-luxury second-home market<\/a>\u2014and could introduce a new tax for owners who rarely occupy their Big Apple properties.<\/p>\n

\n\tGovernor Kathy Hochul has put forward a\u00a0pied-\u00e0-terre tax<\/a>\u00a0targeting residences valued at $5 million or more that are not used as a primary home. In practical terms, owners of high-end apartments and townhouses that sit largely unoccupied\u2014rather than rented out full-time\u2014could face an additional surcharge.<\/p>\n

\n\tRoughly 13,000 properties may fall under the proposal, many owned by individuals who live elsewhere but maintain a New York apartment as a second or third residence. State officials estimate the measure could generate at least $500 million annually as they work to close a budget gap. <\/p>\n

\n\tMayor\u00a0Zohran Mamdani<\/a>\u00a0has been vocal in support, framing the policy as a way to target the ultrawealthy, describing it as a tax on those who \u201cstore their wealth\u201d in New York real estate<\/a> but do not live in the city full-time.<\/p>\n

\n\tHochul, for her part, has emphasized that full-time residents would be exempt. Instead, the proposal is aimed squarely at high-value homes that remain vacant for much of the year, with the argument that those owners should contribute more to city services.<\/p>\n

\n\tRELATED: Manhattan\u2019s $10 Million Condos Are Flying Off the Market\u2014Even as Sales Slow Elsewhere<\/a><\/p>\n

\t\t\t\t\t\t\"new<\/p>\n

\t\t\t\t\tA proposed pied-\u00e0-terre tax would apply to New York City<\/a> residences valued at $5 million or more that are not used as primary residences.<\/p>\n

\t\t\t\t\t\t\t\t\tSammiJo\/Getty Images<\/p>\n

\n\tFor the real estate market, the $5 million threshold is particularly significant. That cutoff could influence how homes are priced and marketed. It wouldn\u2019t be surprising to see more listings land just below that mark, as both buyers and sellers seek to avoid triggering the tax.\u00a0<\/p>\n

\n\tThat kind of pricing behavior isn\u2019t new in New York. When new taxes are introduced, the market tends to adjust quickly\u2014especially in the luxury segment, where there\u2019s more flexibility to fine-tune numbers.<\/p>\n

\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\tFeatured Listing\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t111 W 57th St, New York, NY 10019\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\tNew York, NY\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t$98,000,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\tFeatured Listing\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\tParis, \u00cele-de-France 75002, France\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\tParis, France\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t$21,201,400 USD | 18,000,000 EUR\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

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\t\t\t\t\t\t\t\t\t\t\tFeatured Listing\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\tThe Westerly Estate: A Tuscan Villa in Paradise\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\tSanta Ynez, CA\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t$52,500,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\tFeatured Listing\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t4867 Legacy Way, Park City, Utah 84060\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\t$22,000,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\t$300,000,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

\n\tThe idea of a pied-\u00e0-terre tax has come up before. It was floated unsuccessfully<\/a> in 2014 and resurfaced in 2019 following Ken Griffin\u2019s record-setting apartment purchase<\/a> but ultimately stalled amid pushback from industry groups, including the Real Estate Board of New York.<\/p>\n

\n\tNow the proposal is back. And while it\u2019s far from finalized, it\u2019s already giving buyers and sellers something new to factor in\u2014particularly those considering a part-time home in the city.<\/p>\n

\tAuthors<\/p>\n

\t\t\t\"Abby<\/p>\n

\n\t\tAbby Montanez\n\t\t\t<\/p>\n

Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, entertainment, dining, travel to\u2026<\/p>\n

\t\t\t\t\t
\n\t\t\t\tRead More\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A new proposal in New York is turning renewed attention to the city\u2019s ultra-luxury second-home market\u2014and could introduce…\n","protected":false},"author":2,"featured_media":201039,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[75,10628,9,24,55,54,12,56,1491],"class_list":{"0":"post-201038","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-manhattan","9":"tag-market","10":"tag-new-york","11":"tag-new-york-city","12":"tag-new-york-city-headlines","13":"tag-new-york-city-news","14":"tag-news","15":"tag-ny","16":"tag-real-estate"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/201038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=201038"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/201038\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/201039"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=201038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=201038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=201038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}