Posted on 07/29/2026 3:57:30 PM PDT by lasereye
Mayor Mamdani with fanfare released a list of 960,000 owners of real estate in New York City that have been determined they could owe the pied a terre tax because NYC computers have determined they own what was billed as a market value of $5 million or more.
Now there are only about 1 million residential tax lots in New York City so the first question is how did virtually every owner get put on the list?
The answer is that you are subject to the tax in the first two years if your property has a “DOF valuation” of over $1 million. And so the $5 million figure was a fake. The DOF system is obviously massively flawed as it has dragged in almost a million property owners that meet the threshold.
Now, here is the interesting part — once you are on the list you have to prove you should not be taxed by showing you are a resident. Or by challenging the valuation. Good luck fighting the city bureaucrats on both of these counts. The individual litigation will be massive.
It does not take more than a New York minute and Google Maps to see that many of these properties would never sell for $5 million. Pick a few. The whole housing sector will also be dragged down by the additional annual taxation. Add a tax of 4 to 6 per cent (yes condos are taxed that high now) a year of its DOF value to a condo or coop and that condo won’t be worth that much. And you can forget about out of town buyers. So this will destroy much of the home values that people have built up. People who have invested in New York.
Many of these folks might have a mortgage and may in fact not have they much equity in the property. The tax-the-rich taxman does not care about that. An unexpected $50,000 annual bill for a condo with a DOF value of a million now has the cost of a second mortgage on top of all the expenses.
The idea of the tax was basically to create massive taxation without representation. The people being taxed — non residents — by definition don’t vote and so the political genius was to create and discriminate against a class of people who do not vote. That by itself might be unconstitutional. And they also don’t use the schools, much garbage, much of any of the city’s services. So taxing them actually makes little sense as you drive away people who were contributing but not using the services.
Now many will recall that persecutions frequently begin with a list — a list that can be used by the authorities and that is where Mamdani started — and he published it to boot. And smiled about it as though those high-value owners deserve what’s coming to them.
But with a million people on his tax hit list, welcome to the lie of socialism - it starts with the idea that only “they” are going to get it — a small group of 30,000 homeowners — and before you know it you are on the list.
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Mark Penn used to be a Democrat. Both Clintons were among the clients of the polling firm he and Douglas Schoen founded. He had some discussions with Trump in 2019 about the upcoming 2020 election.
He still is a Dem. It comes out a lot.
Mad-dani is a parasite sucking NYC dry
When Mad-dani is done the muslims in NYC will be so rich
The bigger question appears to be 'are New York and northeastern liberals as stupid as they appear to be?'.
lasereye wrote: “The question with Mamdani is whether he’s as stupid as he appears to be, or if he’s really trying to destroy the value of NYC’s real estate.”
Well of course he is. Devalued property will be much easier to seize.
New investment to NYC , nope
NYC might try levying tax on income during short-term stays.
Any place long run by Donkey Communists is a dangerous place, at least tax-wise.
My father pretty much retired in 1977.
“The bigger question appears to be ‘are New York and northeastern liberals as stupid as they appear to be?’.”
I think they are even dumber than they appear to be. But I’m biased that way.
Double triple quadruple taxes
How to deal with kulaks
I had to look up “Pied-à-terre” taxes.
It seems to mean that if one sets foot in a place, they can be taxed.
https://en.wikipedia.org/wiki/Pied-%C3%A0-terre
It sounds like the California and New York Taxes on professional athletes that play in their states. Playing basketball or football game in California means you must pay a lot of money in state taxes just for being there.
Communism is not a good option. It never has been.
“When Mad-dani is done the muslims in NYC will be so rich”
brown stone, 4 inches thick, 20 feet wide, about 40 feet high.
That’s 800 sq. ft. of surface area.
> The question with Mamdani is whether he’s as stupid as he appears to be, or if he’s really trying to destroy the value of NYC’s real estate. <
It’s probably the latter. Mamdani is a hellish combination of Muslim and Marxist. So he will follow the Muslim playbook, and the Marxist playbook.
The Muslim playbook says destroy the infidels.
The Marxist playbook says destroy the rich.
Mamdani’s got himself a 2 for 1 here.
This new tax is not just for out of staters which would be unconstitutional it also applies to NY’ers that own a second property in NYC or own two residences in NYC. In other words it taxes all second homes for everyone that are over a certain value. Not sure what you linked applies since it is not specifically to tax out of state residents.
Mamdani is a hellish combination of Muslim and Marxist.
He is also a deadly combination of arrogance and ignorance.
The next obama.
complicated:
https://www.theroeblingteam.com/pied-a-terre-tax-explained
Mom, would you like to live in NYC?
Aunt Zia, would you like to live in NYC?
Their stated goal is to destroy America.
NY has forgotten how it felt that day🎶🎤
So the commie mayor doxes the citizens. How charming.
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