Super-rich complain but experts welcome Mamdani’s pied-à-terre tax

New York mayor’s policy set to generate revenue and address housing crisis despite outcry in some quarters

New York City’s introduction of a pied-à-terre tax has provided fodder for Zohran Mamdani’s critics, who accuse the democratic socialist mayor of attacking the rich – even as others welcome it as a much-needed effort to tax the wealthy in a city known for its yawning inequality and cost-of-living crisis.

The tax, aimed at closing the city’s budget gap, covers people who own but do not live full-time in a house worth more than $5m or a condominium or cooperative unit worth at least $1m.