New York City Mayor Zohran Mamdani's administration has released a searchable database detailing properties that could be subject to the state's new pied-à-terre tax. The list, published by the Department of Finance, includes the full names and addresses of owners of unoccupied, non-primary residences in the city valued at over $1 million.
This action follows a social media post from the mayor stating that wealthy residents should "check your mailbox when you’re back in the five boroughs, because you’ve got mail," signaling that notification letters were being dispatched.
"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 stated. The mayor has been a proponent of the policy enacted by Gov. Kathy Hochul and state Democrats, which taxes second homes within the city.
Critics have expressed concern that the tax could negatively impact property values. Earlier in the year, Mamdani had proposed a 9.5% increase in city property taxes to address a $12 billion budget deficit, a figure later revised to $5.4 billion, contingent on the ability to generate revenue from taxing the wealthy.
City officials estimate that the pied-à-terre tax could generate $500 million annually for the city's budget. However, the office of Democratic City Comptroller Mark Levine projects a more conservative revenue of $340 million to $380 million, with potential decreases over time. The mayor's office views this tax as a step towards fulfilling a campaign promise to fund wealth redistribution initiatives through taxes on affluent New Yorkers.