Housing and Wealth Inequality

New York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani are promoting a proposed pied‑à‑terre tax that would levy new charges on non‑primary residences in the city valued at $5 million or more. The plan, advanced in recent statements and coverage, is explicitly targeted at luxury second homes owned by nonresidents who use city services but do not pay New York City income tax; state projections cited by officials put annual revenue from the levy at about $500 million. An estimated 13,000 such non‑primary residences in the city would fall under the $5 million threshold, which — if the revenue projection holds — implies roughly $38,000 in average revenue per affected property, though actual assessments and billing structures would vary.