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$1M is irrelevant. The tax is on properties valued over $5M that are used as a secondary residence. (It occurs to me that the penthouse at 721 Fifth Ave is over $5M and only lightly occupied.)
$1M isn't irrelevant, did you read the details of the plan?
www.coleschotz.com
You mean spend big money to upgrade it and then not be able to recoup the cost because the people living there are poor? What incentive does that give contractors to do the upgrades?
Uh huh. Taxing the rich will supposedly create jobs, right?
As opposed to the slums where drug dealing and prostitution occured, and where crime was rampant to the point the police stopped responding to calls? They'd probably say it isn't all that different.
What do you mean by, "what we do with the people who are evicted"? Those people are individuals with their own lives. They aren't like furniture that you move out of one place and put in another. That seems to be the real issue here and that it's assumed that we need do everything for everyone. They have their own responsibilities. If I was ever evicted from an apartment I rented in the past, it would be up to me to find a new place to live. It is not up to my old landlord to find a place to "put me".
I had not seen any such thing prior to your post, and after doing some digging it is not particularly relevant. (You've fallen for the "technically correct" definition that feeds your biases for the well to do.) Even condos and co-ops in small units are assessed as "Class 1" properties.$1M isn't irrelevant, did you read the details of the plan?
Class 1 properties (single family detached homes) have a threshold of $5 Million
Apartments, Co-ops, and Condos have a threshold of $1M
New York passes Mamdani's pied-a-terre tax. Here's who pays and how much
Citadel CEO Ken Griffin became the face of the tax after New York City Mayor Zohran Mamdani posted a video in front of Griffin's penthouse apartment.www.cnbc.com
The Pied-à-Terre Tax: New Rules, Exemptions, Appeal Deadlines and Penalties
On May 28, 2026, New York Governor Hochul signed into law a controversial and one of a kind “pied-à-terre tax” championed by the Mamdani administration that imposes a surcharge targeting non-resident luxury second homes that takes effect July 1, 2026, and is set to expire June 30, 2031, which is...
irrelevant
Hiding and presetting for the purposes of limiting tipping for the contracted employees is bunk.
Wow! So basically half of those units are not available for habitation despite actually having no one in there.
In the very post before the one I am replying to you called the type of housing that needed to be upgraded as 'slums'. Again, I am agreeing with you. They need to be improved. But we both know that people who live in the projects, who live in slums aren't doing it because it's an easy commute to the bank or it's quite handy for the beach, or the local restaurants are well worth a visit. They live in slums because they can't afford to live anywhere else. I'll assume that you agree with that. So...
Apparently you are unaware of the gray market of rentals in NYC. Sure, legally there is a distinction, but the reality is that illegal rentals, sub-leases and Air B&B type rentals is a giant part of the housing reality. To simply assume that an apartment being listed as a secondary property means that it is reliably vacant for any part of the year is hopelessly naive.
It is a family friendly policy to charge people who own the place they live in as their primary residence less than other property owners. Why do you hate families?
All anyone would have to do is check City Hall records which are accessible to the public. A FOIL request is overkill, somewhat expensive (there is a charge for each page) and a considerable wait depending on the backlog.
Even?! Buildings under NYCHA are generally ones that have been abandoned by their owners (often after decades of collecting rents without making repairs and maintenance) or taken over because of major issues (no heat, sporadic water, crumbling facade, etc.). Such buildings are prime for squatters.
Ridiculous. No one likes actual squatters, as opposed to tenants on a rent strike who may be accused of squatting. Rich people get a ton of tax favors already. You seem to have little actual knowledge about this situation and put forth your suppositions as fact.
Are you kidding? 20-30 years ago the prices were absurd. Mortgage rates had come down from their late 80's high, but they were still oppressive.
No, that isn't what I mean at all. If the upgrades are undertaken as part of municipal policy, then incentives are offered. Rental laws allow for increasing rents for capital expenses. Subsidies can be made available to maintain housing stock for the less wealthy. Most investors don't want to stop at recouping their investment, but prefer to make a killing.
You misunderstood. My reply that taxing the rich would mitigate the problem was directed at the problem of urban decay, not lack of jobs.
This may be news to some, but the truly rich have ways to avoid taxes to an amazing degree. It has actually worked historically that higher taxes mean more revenue (up to a point, which seems to be somewhere around 70% iirc).
I lived in Hell's Kitchen just below Port Authority in the late 70s to early 90s. It is very different from living on the streets.
There are about 16,000 rent control units. Seem almost hypocritical to bring them up after your first argument suggests that 3-7.5 TIMES that number doesn't have much of an affect on upward pricing pressure.
No, the money didn't come back. What happened was that people started tipping more after the change was made to the app. Making it sound as if the money was out there and being kept away from the workers, and now Mamdami comes along and "recovers" it is totally misleading.
Buy them a bus ticket to a city to help populate the slums there?
