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New York’s new tax on billionaires’ empty apartments barely dents Ken Griffin. It could put a lien on your co-op

The tax aimed at billionaires barely dents Ken Griffin. It could put a lien on your co-op.

New York’s new tax on billionaires’ empty apartments barely dents Ken Griffin. It could put a lien on your co-op
Billionaires' Row, the Manhattan luxury towers the pied-a-terre tax targets.
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New York just put a new annual tax on the ultra-wealthy‘s part-time apartments, and the billionaire it is practically named after will barely feel it. The people who might actually get squeezed are the volunteer boards that run ordinary co-op buildings.

The pied-a-terre tax is a yearly surcharge on non-primary New York City residences worth $5 million or more, set to take effect July 1, 2026, and it is expected to hit about 10,000 properties. Governor Kathy Hochul pitched it as a fairness measure and projected it would raise at least $500 million a year for the city, and Mayor Zohran Mamdani championed it as a way to balance the budget by taxing the ultra-rich. The top rate runs to 6.5 percent of qualifying value.

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Featured image: Itrytohelp32 / CC BY-SA 4.0, via Wikimedia Commons

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