Tax Resolution & Advisory: Insights from Business Insider on New York’s Pied-à-Terre Tax

Business Insider recently published an article featuring Marisa Friedrich, examining how wealthy New York City homeowners are struggling to find loopholes to escape Mayor Zohran Mamdani’s new pied-à-terre tax.

“There is a lot of confusion and anger and surprise all built into one for each of these taxpayers,” Friedrich told Business Insider. “I don’t think anyone that I’ve spoken to can say that they’re happy about it.” Even longtime, full-time New York residents are getting swept into the surcharge if they own more than one property in the city, since only one home can qualify as a primary residence. Friedrich noted that owners who assumed years of tax planning would shield them are instead finding the new levy leaves little room for the workarounds they’re used to.

The pied-à-terre tax currently applies to co-ops and condos assessed at $1 million or more, and to one- to three-family homes or townhouses valued at $5 million or more — a Phase 1 threshold structure that adds a new layer of exposure for high-net-worth clients navigating New York property ownership.

Read the full article in Business Insider: https://www.businessinsider.com/mamdani-pied-a-terre-tax-rich-new-york-homeowner-loopholes-2026-8.