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New York City Mayor Zohran Kwame Mamdani<\/strong> said the city has begun notifying owners of luxury second homes about its upcoming pied-\u00e0-terre tax, signaling the next step in implementing the policy.<\/p>\n 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-\u00e0-terre tax is “coming soon.”<\/p>\n Don’t Miss:<\/strong><\/p>\n He said the revenue would help support public services, including parks, libraries and schools.<\/p>\n 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 \u2014 because you’ve got mail.<\/p>\n Today, we sent notification letters to property owners, letting them know that our new pied-\u00e0-terre tax is coming soon.<\/p>\n The best\u2026<\/p>\n \u2014 Mayor Zohran Kwame Mamdani (@NYCMayor) July 23, 2026<\/a><\/p>\n<\/blockquote>\n Hochul Voices Support<\/p>\n New York Gov. Kathy Hochul<\/strong> 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.<\/p>\n Working New Yorkers already do their part.<\/p>\n 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<\/a><\/p>\n \u2014 Governor Kathy Hochul (@GovKathyHochul) July 23, 2026<\/a><\/p>\n<\/blockquote>\n Trending: Caught With Nothing Saved for Retirement? <\/strong>These 5 Game\u2011Changing Tips Could Still Save You<\/strong><\/a><\/p>\n The notification letters follow New York lawmakers’ approval of the pied-\u00e0-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.<\/p>\n Tax Plan Faces Pushback<\/p>\n 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.<\/strong>\u00a0 founder\u00a0Jeff Bezos<\/strong> questioned whether higher taxes on wealthy individuals would meaningfully improve affordability, while Citadel founder Ken Griffin<\/strong> warned that policies targeting wealthy investors could discourage investment and job creation in New York.<\/p>\n Debate Continues<\/p>\n The pied-\u00e0-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.<\/p>\n Image via Shutterstock<\/p>\n Read Next:\u00a0<\/strong><\/p>\n Building Wealth Across More Than Just the Market<\/strong><\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.<\/p>\n Arrived<\/strong><\/p>\n Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100<\/strong><\/a>. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.<\/p>\n Realberry<\/strong><\/p>\n Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities <\/strong><\/a>backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.<\/p>\n FarmTogether<\/strong><\/p>\n Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000<\/strong><\/a> \u2014 fully managed, with no landlord headaches.<\/p>\n Immersed<\/strong><\/p>\n Immersed is building technology for the future of work through spatial computing.<\/strong><\/a> Known for its AR\/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.<\/p>\n Fundrise<\/strong><\/p>\n Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate<\/strong><\/a> <\/strong>and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.<\/p>\n Mode Mobile<\/strong><\/p>\n Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day.<\/strong><\/a> Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte’s fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.\u00a0<\/p>\n EquityMultiple<\/strong>\u00a0<\/p>\n For accredited investors looking beyond stocks and bonds, <\/strong>EquityMultiple provides access to vetted commercial real estate deals starting at $5,000<\/strong><\/a>,<\/a> with only ~5% of opportunities passing their due diligence process.<\/p>\n \u00a9 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. New…\n","protected":false},"author":3,"featured_media":959818,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[5229,5371,405,403,5226,5225,385962,5228,5227,303668,141292,10872,67,586,132,5230,68,2969,385961],"class_list":["post-959817","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-america","tag-kathy-hochul","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-notification-letters","tag-ny","tag-nyc","tag-pied-a-terre","tag-property-owners","tag-public-services","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa","tag-zohran-kwame-mamdani"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116984721223112932","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/959817","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=959817"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/959817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/959818"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=959817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=959817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=959817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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