Super-rich complain but experts welcome Mamdani’s pied-à-terre tax

New York City mayor Zohran Mamdani has introduced a pied-à-terre tax targeting high-value second properties owned by the super-wealthy. Per the Guardian, the tax applies to single-family homes worth more than five million dollars and to condominiums or cooperatives valued at one million dollars or more. The policy aims to close the city's budget gap; supporters welcome it as addressing the cost-of-living and housing crisis, though some wealthy property owners have called it an attack on the rich.

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