The Guardian · US news · Original story
Super-rich complain but experts welcome Mamdani’s pied-à-terre tax
New York mayor’s policy set to generate revenue and address housing crisis despite outcry in some quarters
New York City’s introduction of a pied-à-terre tax has provided fodder for Zohran Mamdani’s critics, who accuse the democratic socialist mayor of attacking the rich – even as others welcome it as a much-needed effort to tax the wealthy in a city known for its yawning inequality and cost-of-living crisis.
The tax, aimed at closing the city’s budget gap, covers people who own but do not live full-time in a house worth more than $5m or a condominium or cooperative unit worth at least $1m.
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Eric Berger in New York · Sat, Aug 8, 2026, 5:00 AM
US news | The Guardian
New York mayor’s policy set to generate revenue and address housing crisis despite outcry in some quarters
New York City’s introduction of a pied-à-terre tax has provided fodder for Zohran Mamdani’s critics, who accuse the democratic socialist mayor of attacking the rich – even as others welcome it as a much-needed effort to tax the wealthy in a city known for its yawning inequality and cost-of-living crisis.
The tax, aimed at closing the city’s budget gap, covers people who own but do not live full-time in a house worth more than $5m or a condominium or cooperative unit worth at least $1m.
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