New York City Ugandan Mayor Zohran Mamdani’s pied-à-terre tax is more expansive than he let on.
Mamdani said the tax applied only to wealthy people who owned secondary homes in the Big Apple worth more than $5 million.
However, that $5 million value only applied to up to three-family homes. Condos and co-op units that are secondary homes are also taxed, starting at a value of $1 million or more.
Condos and co-ops with a calculated market value over $1 million, and houses worth over $5 million.
The Mamdani administration estimated that the pied-à-terre tax would affect 10,000 properties and raise $500 million. It’s actually over 31,000 properties; New York could raise north of $1.5 billion.
And he won’t use it to pay his debt.
Stealing pays.