Mamdani just gave wealthy homeowners more time to avoid his pied-à-terre tax
New York City Mayor Zohran Mamdani's office said the extension will give homeowners more time to "demonstrate they are not subject to the surcharge."
New York City Mayor Zohran Mamdani has extended the deadline for homeowners to apply for an exemption from his new pied-à-terre tax. The tax targets wealthy individuals who own a secondary property in the city valued at over $5 million but reside elsewhere. Eligible homeowners now have until September 18 to submit their exemption applications, four weeks beyond the initial August 21 deadline.
Mamdani's announcement comes after complaints that the tax's rollout was confusing and that the notification process was unclear. The City of New York has stepped up outreach efforts to improve communication with residents about the tax. The pied-à-terre tax, supported by New York Governor Kathy Hochul, is projected to generate approximately $500 million in annual revenue to address the city's budget shortfall of $2.2 billion for the 2026 fiscal year.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
