Non resident luxury tax on $5M + properties.

[Anonymous]

Anonymous wrote:My take: I think Mamdani wants the billionaires who own property but don't pay income taxes to NYC to leave. Why else would he so publicly go after one of them?

But a whole lot will have to leave in order for any of those properties on Billionaire's Row to ever get divided up into smaller, more affordable apartments.

I think NYC is going to go the way of CA, OR and WA. Still very expensive and not a great quality of life.

I should add that I don't think the tax is a bad thing in itself. Just going about it the wrong way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are pied-a-terres in Maryland??

It would be hard to find a $5m pied-a-terre in MD. And I can't imagine wealthy people wanting a $5m mansion in MD for occasional use.

There are ABSOLUTELY billionaires who have large properties on the eastern shore for hunting and fishing that they only use occasionally. No, you wouldn't call it a 'pied a terre' but they ARE second homes that no one lives in.