New York Governor Kathy Hochul and New York City Mayor Zohran Mamdani have agreed on one way to tax the rich, for now—through an annual tax surcharge aimed at extracting dough from rich out-of-towners who own property like those condos on Billionaires' Row that sit empty nine months out of the year.
On Wednesday, April 15, aka Tax Day, the pair separately announced a proposal to introduce a "pied-à-terre tax" that would allow the city to levy a yearly tax surcharge targeting luxury second homes in New York City valued at $5 million or more. That means everyone from the mega-wealthy to, say Nicolas Cage—who recently bought a $6.5 million condo with a big jacuzzi at Essex House—may be contributing a little bit more to the City budget.