New York City Mayor Zohran Mamdani has a message for New York’s wealthy second-home owners: “Check your mailbox.”
“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 — 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-à-terre tax is coming soon.”
The pied-à-terre tax, 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.
“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.
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 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.
The controversial tax is expected to impact a number of billionaires with second homes in New York City, including Jeff Bezos, President Donald Trump, and Jay-Z and Beyoncé.
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.
Based on Business Insider’s math, when Griffin checks his mailboxes, he could find he owes between $1.3 million and $1.4 million for his pied-à-terre tax bill.
