New York City Mayor Zohran Mamdani has a message for New York’s wealthy second-home owners: “Check your mailbox.”<\/p>\n
“If you have a second home in New York City worth more than $5M, check your mailbox when you’re back in the five boroughs \u2014 because you’ve got mail,” Mamdani wrote on X Thursday. “Today, we sent notification letters to property owners, letting them know that our new pied-\u00e0-terre tax is coming soon.”<\/p>\n
The pied-\u00e0-terre tax<\/a>, which passed in May, levies an annual tax on non-primary homes valued at least $5 million. The progressive tax starts at 0.8% and increases to 1.3% for properties valued at $25 million or more. City and state officials have estimated the tax could raise $500 million annually and would apply to over 11,000 homes.<\/p>\n “The best city in the world deserves the best parks, libraries, and schools in the world. That’s only possible when we all pay our fair share,” Mamdani said Thursday.<\/p>\n New York’s Department of Finance sent letters notifying property owners who might be subject to the tax, the mayor’s office said in a press release. The city also launched a dedicated webpage<\/a> to support property owners with answers to frequently asked questions and a tool to help them determine whether they are eligible for or exempt from the tax.<\/p>\n The controversial tax is expected to impact a number of billionaires with second homes<\/a> in New York City, including Jeff Bezos, President Donald Trump, and Jay-Z and Beyonc\u00e9.<\/p>\n Mamdani specifically called out billionaire Ken Griffin, CEO of Citadel, in a video promoting the tax earlier this year. Mamdani took the video in front of a penthouse that Griffin paid $238 million for in 2019. Griffin, who lives in Miami, also owns other units in New York City.<\/p>\n