AMERICANALMANAC (Alex Tanzer) - Mamdani's pied-à-terre tax is one month old — and Manhattan's luxury market is already paying the price
Mayor Zohran Mamdani's new tax on high-end second homes took effect July 1, and real estate brokers say it is already freezing buyers, inflating the luxury rental market, and pushing wealthy purchasers out of New York City altogether. A month into the policy, the picture emerging from Manhattan's brokerage offices is blunt: international buyers are […] The post Mamdani's pied-à-terre tax is one month old — and Manhattan's luxury market is already paying the price appeared first on American Almanac .
Mayor Zohran Mamdani's new tax on high-end second homes took effect July 1, and real estate brokers say it is already freezing buyers, inflating the luxury rental market, and pushing wealthy purchasers out of New York City altogether. A month into the policy, the picture emerging from Manhattan's brokerage offices is blunt: international buyers are walking away from signed deals, sellers are listing properties they once planned to keep, and six-figure-a-month rental units are filling up with people who would have bought if the city had not added a new annual bill on top of already steep property taxes. The tax applies to second homes valued above $5 million, starting at a 4-percent annual rate and climbing to 6.5 percent under the first…Open