Turns Out Mamdani Misled People on Who Pays the Pied-à-Terre Tax

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.