"This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city. This pied-a-terre tax is specifically designed for the richest of the rich, those who store their wealth in New York City real estate, but who don't actually live."
"This is a fundamentally unfair system that hurts working New Yorkers. Now, it's coming to an end. This tax will raise at least $500 million dollars directly for the city."
"Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure. It will only get WORSE."
New York Mayor Zohran Mamdani announced a new tax targeting wealthy part-time residents, known as pieds-a-terre, to address a $5.4 billion fiscal gap. The tax applies to luxury properties valued over $5 million owned by individuals who do not reside full-time in the city. This initiative aims to generate at least $500 million for city services, including free childcare and improved public safety. The plan has drawn criticism from former President Trump, who argues it will drive people away from New York.
Read at www.mediaite.com
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