New York City Mayor Zohran Mamdani and Governor Kathy Hochul announced a pied-à-terre tax on Wednesday, targeting roughly 13,000 luxury second homes owned by ultra-wealthy non-residents, a measure projected to raise at least $500 million (£377 million) a year for the city.
The proposal, unveiled on 15 April 2026, would apply an annual surcharge on one-to-three family homes, condominiums, and co-ops valued above $5 million (£3.8 million) when the owner's primary residence sits outside New York City. It would be the first pied-à-terre tax enacted in New York State, the mayor's office said. Similar proposals have been floated in Albany since 2019 without passing.
