NYC loses more than half of pied-a-terre tax appeals, threatening projected revenue pot: ‘Out the window’
More than half of the thousands of homeowners who have already appealed the city’s new pied-à-terre tax have won their cases, threatening the levy’s much ballyhooed revenue potential. When Big Apple Mayor Zohran Mamdani and New York Gov. Kathy Hochul announced the controversial tax on luxury second homes — or co-ops worth more than $1 million and houses over $5 million — in the city, they claimed the policy would generate $500 million-plus in revenue. But the city Department of Finance told The Post that as of Friday morning, exemption applications had hit 10,000, with a whopping 5,700 approved — and the lawsuits and exemption requests are still coming in fast and furiously. New York City Mayor Zohran Mamdani announces a new pied-a-terre tax for thousands of homeowners in a video posted to Twitter in April — and has been taking heat over it ever since. X/SaraEisen “I think the bigger fiscal question is whether the city’s $500 million revenue estimate was realistic in the first place,” said plaintiff lawyer Ben Williams of Rosenberg & Ellis. “Once primary residences are removed and overstated market values are challenged, we may find that the amount actually collectible is significantly less than projected,”
