NYC Proposes Pied-à-Terre Tax on Billionaires' Luxury Homes

Mayor Mamdani targets high-end second homes owned by the ultra-wealthy.

Apr. 18, 2026 at 11:27am

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A photorealistic painting of a tall, sleek glass and steel high-rise apartment building in a warm, golden light, conveying a sense of wealth and exclusivity.The proposed pied-à-terre tax aims to generate revenue from the ultra-wealthy who own multiple luxury apartments in New York City as second homes.NYC Today

New York City officials have proposed a new pied-à-terre tax that would target non-primary homes worth over $5 million, impacting billionaires like Jeff Bezos and Donald Trump who own luxury apartments in the city as second residences.

Why it matters

The proposed tax aims to address the growing wealth inequality in New York by generating revenue from the ultra-wealthy who own multiple high-end properties, while also potentially freeing up more housing stock for full-time city residents.

The details

The pied-à-terre tax would apply to non-primary homes worth over $5 million, with higher tax rates for more expensive properties. Mayor Zohran Mamdani, who is backing the proposal, has specifically named billionaires like Bezos and Trump as the targets of this new tax.

  • The pied-à-terre tax proposal was introduced in April 2026.

The players

Zohran Mamdani

The mayor of New York City who is backing the proposed pied-à-terre tax.

Jeff Bezos

The billionaire founder of Amazon, who owns a luxury apartment in New York City as a second home.

Donald Trump

The former U.S. president and billionaire who owns a luxury apartment in New York City as a second home.

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What they’re saying

“This pied-à-terre tax is specifically designed for the richest of the rich,”

— Zohran Mamdani, Mayor of New York City

What’s next

The proposed pied-à-terre tax will need to be approved by the New York City Council before it can be implemented.

The takeaway

The pied-à-terre tax proposal highlights the growing debate around wealth inequality and the role of luxury real estate in pricing out full-time residents from major cities like New York.