Posted on 07/29/2026 9:15:18 PM PDT by SeekAndFind
No one will be shocked to learn that New York City Mayor Zohran Mamdani's pied-a-terre tax is more expansive than he let on. Mamdani said the tax only applied to wealthy people who owned secondary homes in the Big Apple that are worth more than $5 million.
But if you read the actual tax, that $5 million value only applied to one-, two-, and three-family homes. Condos and co-op units that are secondary homes are also taxed, and starting at a value of $1 million, or more.
That explains why there are 31,000 properties subject to the tax.
HOLDUP. Zohran’s tax applies to >$1M+ for condos and co-ops?! I thought it was for >$5M.
no wonder there are that many.
holy rug pull Batman.
This is going to be very interesting.
https://t.co/cUinDLWbXD https://t.co/J8uYjaohx3 pic.twitter.com/oy7vrZQAmo— Dylan Yen (@dylanypyen) July 27, 2026
You get the government you vote for, sometimes good and hard.
$40K in additional property taxes for a shoebox apartment. Oof.
pic.twitter.com/7eFJuZ6avb— Dylan Yen (@dylanypyen) July 28, 2026
There are going to be a lot of very unhappy rich people and a lot of seized properties. Which was the goal.
Socialists lie. What do you expect.— 1967mustangman (@1967mustangman) July 28, 2026
No one is surprised by that. And when these properties cannot be taxed anymore, the tax will trickle down to all homeowners.
You'll own nothing.
Soooo…when you inherit from mom, you are forced to sell mom’s house or pay the sky high tax?— Beverly A. Pekala (@PekalaLaw) July 28, 2026
Yes.
Turns out Mamdani's wealth tax applies to any home over a million -- in a city where the average home costs $823,251.
Taxing billionaires comes at ya fast 😂
https://t.co/A708uY8LbO pic.twitter.com/zrYowqRtgn— Peter St Onge, Ph.D. (@profstonge) July 28, 2026
Good luck, NYC.
This is a definite rug pull. $1m coops and condos are basically your average pied a terre owned by an older professional, not something owned by the super wealthy https://t.co/qLlepD69Hj— constans (@constans) July 28, 2026
Socialist tax schemes always hit everyone.
Wait, does this include condos and co-ops that are being rented too? That would completely destroy the rental market! https://t.co/b5ybLODWED— NickFrank40 (@NickyFrank30) July 28, 2026
The destruction is the point.
Socialists have one goal: the destruction of society. That means no property ownership, no wealth, no freedom. The warmth of collectivism means you are all equally poor, oppressed, and crushed under the heel of the government.
Dear FRiends,
We need your continuing support to keep FR funded. Your donations are our sole source of funding. No sugar daddies, no advertisers, no paid memberships, no commercial sales, no gimmicks, no tax subsidies. No spam, no pop-ups, no ad trackers.
If you enjoy using FR and agree it's a worthwhile endeavor, please consider making a contribution today:
Click here: to donate by Credit Card
Or here: to donate by PayPal
Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794
Thank you very much and God bless you,
Jim
Q - How do you know when a politician is lying?
A - When his lips are moving!
Q - What’s the only problem with political jokes?
A - When they get elected.
Wow how insightful ? U live in NY ? I live in Bergen County 7 miles away from Manhattan. Again tell me about your outrage ?
Working overtime tonight
Yep.
Yup.
Oooh. Ouch.
$25-50k a year in additional property taxes to live in NYC?
Madness.
The movie, “Escape from New York” was supposed to be a dystopian vision of NYC in 1997. What’s taking them so long?
Shocked, SHOCKED! That a commie mozlem from Uganda would lie to us!
When multiplying the 0.8% (and then from there on down) with the corresponding box to the left of it, the condos are being taxed more, in the end, than the one, two, and three bedroom homes are, an example being the 6.5% tax on “5,000,000 or greater” for condos versus .8% on “5,000,000 or greater” on the one, two, and three bedroom homes.
It seems to align with the following:
This is what Google says is Mamdani’s rationale behind the tax (below). If anyone here can develop their own substantive arguments against his rationale I would welcome it:
Google:
“Mamdani contends that absentee owners exploit a loophole where they utilize New York City’s infrastructure, safety, and cultural prestige to boost their property values, yet avoid paying local income taxes by spending fewer than 183 days a year in the city. The surcharge is designed to force these owners to pay for the municipal benefits they enjoy.
The Core Rationale: Exploiting Public Infrastructure:
Wealthy buyers benefit from city policing, fire protection, transit systems, and overall civic stability that keep their real estate investments safe and valuable.Avoiding Income Taxes: By keeping their official residency elsewhere, these buyers avoid NYC’s high local income taxes, contributing far less to the city budget than permanent residents.
Distorting the Housing Market: Storing wealth in empty luxury units drives up overall housing costs, pricing out the working-class people who actually live, work, and pay taxes in the city full-time.”
So it actually appears that Mamdani is going to run the condos out of business while using the one, two, amd three bedroom homes as an ongoing revenue generator (from those he thinks benefit from the municipal benefits) that he also thinks they dont pay for.
There is nothing wrong with your television set. Do not attempt to adjust the picture. We are controlling transmission. If we wish to make it louder, we will bring up the volume. If we wish to make it softer, we will tune it to a whisper. We will control the horizontal. We will control the vertical. We can roll the image, make it flutter. We can change the focus to a soft blur, or sharpen it to crystal clarity. For the next hour, sit quietly and we will control all that you see and hear.
Mandami lied? I’m shocked.
A $1 million condo is pretty modest in most of NYC.
Even a $5 million home & property is pretty modest in a lot of NYC.
So far, his record seems to be 1. He’s lied about EVERY promise he ever made, with the exception of his hatred for Jews and America.
The “affordability” scam goes bust again. Life just got a lot more expensive for NYC property owners.
he's judging others by his own actions.
“The surcharge is designed to force these owners to pay for the municipal benefits they enjoy.”
“Enjoy” the suction New Wankers....just like those shoved onto subway tracks.
The best bit?
Check out the exemptions. Per AI..
“Exemptions to New York City’s pied-à-terre tax apply when the property serves as the primary residence of the owner or an immediate family member, or when it is long-term rented.
Property owners must submit proof through the NYC Department of Finance Portal by August 21, 2026, for homes/condos or August 24, 2026, for co-ops.
Qualifying Exemptions
Primary Residence: The property is used as the primary home by at least one of the legal or beneficial owners.Family Occupancy: An immediate family member (such as a parent, child, spouse, or sibling) uses the unit as their primary residence.
Long-Term Rental: The home is leased to a New York City primary resident under a bona fide, arm’s-length lease of at least one year.
Property Type/Value: Commercial properties, vacant land, sponsor units, or un-assessed new constructions are excluded, alongside co-ops and condos valued below the luxury threshold ($1 million for co-ops/condos; $5 million for 1-3 family homes).”
Guess what, gang.
I don’t think the uber wealthy who choose to stay are too worried.
I commented on this in another post.
Most people subject to the tax actually live in the city full time and pay income tax—they just own a second home in the city—mostly as a form of investment.
If the rationale was legit that group would be exempt.
I’m shocked! A Muslim lied. It’s called “taqiyya”, and it’s encouraged in Islam.
Mandami and Obama must have a hotline between them.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
