Story perspectives

Mayor targets $5M pied-à-terre tax, cites Griffin's penthouse

5/11/2026

Summary

Story summary

Mayor Zohran Mamdani filmed a video outside Ken Griffin’s $238 million Manhattan penthouse to promote a “pied-à-terre” tax proposal.
The tax would apply to second homes over $5 million that are not primary residences.
It is expected to generate at least $500 million each year for health, cleaning and safety programs.
Mamdani’s budget, filed with a $5.4 billion deficit, proposes a 9.5 percent property-tax increase and a $1.2 billion emergency-fund draw.

History

Historical Context

Mayor Zohran Mamdani’s 2024 plan to levy a 1 percent tax on $5 million second homes echoes New York City’s 1990 “Mansion Tax,” which Dinkins and Governor Mario Cuomo introduced on properties over $1 million and generated $215 million in its first year. The precedent shows luxury-property levies can raise hundreds of millions, prompting other cities to explore similar measures amid budget gaps.

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Story summary

Mayor Zohran Mamdani filmed a video outside Ken Griffin’s $238 million Manhattan penthouse to promote a “pied-à-terre” tax proposal.
The tax would apply to second homes over $5 million that are not primary residences.
It is expected to generate at least $500 million each year for health, cleaning and safety programs.
Mamdani’s budget, filed with a $5.4 billion deficit, proposes a 9.5 percent property-tax increase and a $1.2 billion emergency-fund draw.

1 / 2