{"id":2342,"date":"2026-06-18T09:37:26","date_gmt":"2026-06-18T09:37:26","guid":{"rendered":"https:\/\/metrotransitreview.com\/?p=2342"},"modified":"2026-06-18T09:37:26","modified_gmt":"2026-06-18T09:37:26","slug":"hochul-and-mamdani-still-cant-figure-out-how-or-if-the-pied-a-terre-tax-scheme-even-works","status":"publish","type":"post","link":"https:\/\/metrotransitreview.com\/?p=2342","title":{"rendered":"Hochul and Mamdani still can’t figure out how \u2014 or if \u2014 the pied-\u00e0-terre tax scheme even works"},"content":{"rendered":"
\n

Call it the pied-\u00e0-terre surprise: Gov. Kathy Hochul\u2019s office is still <\/em>figuring out how her gift to Mayor Zohran Mamdani will actually work.<\/p>\n

Read more Ukraine hits Moscow oil refinery, disrupting commercial flights in major drone attack<\/a><\/p>\n

That\u2019s one problem with a levy made up to fit a headline (\u201cmake the rich pay\u201d) and a revenue figure ($500 million a year), with zero regard for making any sense.<\/p>\n

Most of Hochul\u2019s multibillion-dollar bribe to Mamdani was simply permission to borrow unwisely by deferring pension-fund contributions, plus some direct state spending; the pied-\u00e0-terre tax was mostly about the symbolism.<\/p>\n

That is, it let him make that nasty video outside Ken Griffin\u2019s home, so the mayor could assure his core voters he was hitting fat cats even if Hochul wouldn\u2019t buy his dreams of income- and corporate-tax hikes.\u00a0<\/p>\n

Nobody thought about complications, such as how it could leave co-op boards on the hook while they try to recover the surcharge from wealthy absentee apartment-owners.<\/p>\n

Basically, if<\/em> the surcharge applies to coop units serving as out-of-towner crashpads worth $5 million or more \u2014 the gov\u2019s office doesn\u2019t seem certain about that \u2014 then non-wealthy, fully NYC-based coop members could get hit with stiff temporary assessments while the board dings the \u201cbad rich people\u201d for their payment.<\/p>\n

Co-ops don\u2019t have separate tax lots for individual apartments: The whole building gets assessed as a single property; the co-op pays the real-estate taxes and apportions the charge per share via monthly maintenance charges.<\/p>\n

Read more Joe Rogan claims former US presidents \u2018threw a lot of money\u2019 at Spotify to remove his podcast<\/a><\/p>\n

The co-op can\u2019t delay paying, so it may have to make others cover the surtax while it gets the absentee owners to cough up their share; in buildings with just a few units, the added charge could devastate the unlucky non-rich. <\/p>\n

The gov\u2019s office told The Post the law \u201cincludes tools for the city to directly enforce against the unit owner,\u201d but doesn\u2019t seem clear on how that applies to people who don\u2019t own their units (but only co-op shares).<\/p>\n

\n<\/div>\n

Hochul\u2019s minions also offered lots of definitive-sounding statements about how \u201cnothing in this policy would diminish housing options made available to New Yorkers\u201d and boards won\u2019t be \u201cpenalized,\u201d but couldn\u2019t seem to explain exactly how the scheme would <\/em>work.<\/p>\n

These concerns have some boards are already looking at banning future pied-\u00e0-terre ownership to avoid the risks, no matter how much that might depress the building\u2019s value.<\/p>\n

Mamdani\u2019s people don\u2019t seem worried; after all, the mayor\u2019s already scored his social-media win \u2014 what else really matters?<\/p>\n

Between the mayor\u2019s cavalier attitude about paying for his agenda and the gov\u2019s willingness to sign off on schemes that no one\u2019s truly thought out, the city\u2019s in for a lot more nasty surprises.<\/p>\n

Read more You really need to be thinking more about your skeleton \u2014 before it\u2019s too late<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mamdani’s people don’t seem worried; after all, the mayor’s already scored his social-media win \u2014 what else really matters?<\/p>\n","protected":false},"author":1,"featured_media":2341,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-2342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"yoast_head":"\nHochul and Mamdani still can't figure out how \u2014 or if \u2014 the pied-\u00e0-terre tax scheme even works - Metro Transit Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/metrotransitreview.com\/?p=2342\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hochul and Mamdani still can't figure out how \u2014 or if \u2014 the pied-\u00e0-terre tax scheme even works - 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