New York City May Get a Pied-à-Terre Tax for Pricey Second Homes



After news broke that billionaire investor Ken Griffin dropped $238 million on a Manhattan penthouse, the entire country was abuzz since it shattered the record for the most expensive house sold in America. Since the finance tycoon is only planning to use it as a second home as he spends more time in New York City for business, it also stirred up heated pushes for a pied-à-terre tax.

This is not a new idea, but one that has been dormant since 2014 when Senator Brad Hoylman proposed it. According to a report by the Fiscal Policy Institute, a tax of 4% on pied-à-terres costing $5 million plus can rake in a minimum of $665 million in revenue per year for NYC. Often, wealthy owners who fall under this category don’t have to pay local taxes that help cover the city’s necessities, and also get by paying very low property taxes. With subways to renovate and some people facing evictions due to a shortage of affordable housing, the kind of money a tax like this could bring could go a long way in helping the city’s residents. 

According to Curbed, some powerful real estate figures criticized the bill when it was first proposed. For it to come back to life and then become law, it will have to pass at the state level, so legislators will most likely try hard to gain more support this time around.

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Property of Note

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248 Gay Street, Sharon, CT
Expansive & protected western views from this 5BR, 5BA completely renovated home on 18 acres in Sharon, CT. Kitchen, Dining, and Family Room open to an enclosed porch with distant views. Living Room w/fireplace overlooks pastoral views and pond. First-floor master suite with fireplace. 3 Upper BRs and 2 Full BAs. Guest suite w/ full BA & separate entry. Bonus Room in Basement. Heated Gunite Pool. Privately situated.



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196 Wyandanch Lane, Southhampton
World-class Southampton residence, "Wyandanch House" is situated on what is considered the loveliest street in the Village with its canopy of plane trees, from which one can view its entire length to the Atlantic Ocean. The impressive residence, located only a few minutes walk from the beach, is ideal for entertaining. The interiors have been designed by London-based Xenia Interiors to an exceptionally high standard and encompass approximately 14,000 sq.ft. of living space. Amenities include entertaining spaces, timber decks with views over limestone terraces, swimming pool, and Old Town Pond.



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