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New York City Mayor Zohran Kwame Mamdani said the city has begun notifying owners of luxury second homes about its upcoming pied-à-terre tax, signaling the next step in implementing the policy.

In a post on X on Thursday, Mamdani said owners of second homes in New York City worth more than $5 million should “check your mailbox,” because “you’ve got mail,” adding that the city has sent notification letters informing property owners that the new pied-à-terre tax is “coming soon.”

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He said the revenue would help support public services, including parks, libraries and schools.

If you have a second home in New York City worth more than $5M, check your mailbox when you’re back in the five boroughs — because you’ve got mail.

Today, we sent notification letters to property owners, letting them know that our new pied-à-terre tax is coming soon.

The best…

— Mayor Zohran Kwame Mamdani (@NYCMayor) July 23, 2026

Hochul Voices Support

New York Gov. Kathy Hochul also endorsed the rollout in a post on X, saying working New Yorkers “already do their part” and that she ensured owners of “ultra-luxury second homes” contribute more to the city. Hochul reposted Mamdani’s announcement about the notification letters, framing the tax as a way to help fund public services.

Working New Yorkers already do their part.

That’s why I made sure owners of ultra-luxury second homes contribute more to the city that makes New York the greatest in the world. https://t.co/F9J2MVtrko

— Governor Kathy Hochul (@GovKathyHochul) July 23, 2026

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The notification letters follow New York lawmakers’ approval of the pied-à-terre tax earlier this year. The measure applies to certain non-primary residences and is expected to generate about $500 million in revenue for the city. The tax will be introduced in phases, beginning with condos and co-ops valued above $1 million before transitioning to a revised valuation system in later tax years.

Tax Plan Faces Pushback

Mamdani has argued that higher taxes on wealthy property owners can help fund public services and address housing affordability. The proposal, however, has faced criticism from several business leaders. Amazon.com Inc.  founder Jeff Bezos questioned whether higher taxes on wealthy individuals would meaningfully improve affordability, while Citadel founder Ken Griffin warned that policies targeting wealthy investors could discourage investment and job creation in New York.

Debate Continues

The pied-à-terre tax has been a key part of Mamdani’s broader affordability agenda and has sparked months of debate among policymakers, investors and business leaders over its potential impact on housing, investment and city finances.

Image via Shutterstock

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