{"id":1025097,"date":"2026-08-26T11:10:15","date_gmt":"2026-08-26T11:10:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/1025097\/"},"modified":"2026-08-26T11:10:15","modified_gmt":"2026-08-26T11:10:15","slug":"business-insider-email-newsletters-subscribe-now-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/1025097\/","title":{"rendered":"Business Insider Email Newsletters: Subscribe Now"},"content":{"rendered":"

NYC’s pied-\u00e0-terre tax is proving to be a pain in the penthouse for the rich.<\/strong><\/p>\n

Death and taxes are the two guarantees in life, but the latter has been a bit more negotiable for the rich. (And they’re working on the former<\/a>, too.)<\/p>\n

However, Mayor Zohran Mamdani’s tax on NYC’s second homes<\/a> is proving difficult to sidestep. And it’s not for lack of trying.<\/p>\n

BI’s James Rodriguez spoke with attorneys and accountants advising the uber-wealthy on how to navigate the pied-\u00e0-terre tax<\/a>. For many, it’s less about finding loopholes \u2014 hint: there aren’t many \u2014 and more playing therapist for people accustomed to getting around big tax bills.<\/p>\n

In a city where rent keeps climbing<\/a>, and affordability remains a top issue, people who can afford second homes aren’t necessarily getting much sympathy from fellow New Yorkers. (I don’t foresee a protest starting over Ken Griffin, who is worth roughly $48 billion, paying up to $1.4 million in additional taxes<\/a> because of his three luxury apartments. But, maybe I’m wrong!)<\/p>\n

One thing experts James spoke to seem certain about: No one is going anywhere due to the pied-\u00e0-terre tax. For all the talk of NYC being “cooked<\/a>,” insiders don’t see the uber-wealthy selling their second homes en masse.<\/p>\n

That doesn’t mean places won’t try to pitch themselves as a pied-\u00e0-terre sanctuary.<\/strong><\/p>\n

One tri-state town appears to be making a pitch: Greenwich, Connecticut.<\/p>\n

I’ll admit I live in Greenwich. But before you claim a bias, understand my house isn’t the type of place the uber-rich would want as a second home. (Or third home, or fourth home, or fifth home.)<\/p>\n

However, there are places coming to market that would be a good fit for the pied-\u00e0-terre crowd. The New York Post<\/a> reported new luxury condos in downtown Greenwich were selling for up to $12 million. According to the Post, that’s well above the town’s previous record for a condo sale ($6.75 million).<\/p>\n

The condos are being built by Caspi Development. That might not mean anything to you, but a certain tax bracket will know them as the people behind Tribeca’s swanky Fouquet’s New York hotel.<\/p>\n

The town has property taxes that are about 50% lower than those in bordering Westchester County. Buyers also don’t have to worry about New York’s “mansion tax” applied to residential purchases of $1 million or higher. If you’re looking to escape one tax, why not get relief from a few others while you’re at it?<\/p>\n

There’s also a local airport bordering Greenwich that accommodates private jets and plenty of investment firms based in town and neighboring Stamford.<\/p>\n

Still, there’s only one NYC. And for a class of people often obsessed with status and appearances, settling for anything less than the real thing (regardless of the cost) is unacceptable.<\/p>\n","protected":false},"excerpt":{"rendered":"NYC’s pied-\u00e0-terre tax is proving to be a pain in the penthouse for the rich. Death and taxes…\n","protected":false},"author":3,"featured_media":1025098,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[5229,410105,232665,328490,73882,405,403,27240,5226,5225,5228,5227,3546,304336,6566,18285,8167,27629,410106,12852,52582,67,586,132,5230,68,2969],"class_list":["post-1025097","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-america","tag-business-insider-email-newsletters","tag-climbing","tag-condo-sale","tag-greenwich","tag-new-york","tag-new-york-city","tag-new-york-post","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-people","tag-pied-a-terre-tax","tag-place","tag-private-jet","tag-rent","tag-second-home","tag-swanky-fouquet","tag-taxis","tag-town","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1025097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=1025097"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1025097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/1025098"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=1025097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=1025097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=1025097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}