NYC's pied-à-terre tax likely won't be enough to get people moving. That won't stop some towns from trying.
After Zohran Mamdani's second home tax has left some wealthy New Yorkers unhappy, nearby towns are pitching themselves as a pied-à-terre sanctuary.
New York City's new tax on second homes, known as the pied-à-terre tax, is proving to be a financial burden for the wealthy elite. Despite various attempts by attorneys and accountants to navigate the tax, experts predict that the affluent are unlikely to relocate due to the regulation. Greenwich, Connecticut, a town with lower property taxes compared to neighboring Westchester County, is attempting to attract wealthy individuals seeking a pied-à-terre.
New luxury condos in downtown Greenwich are being sold for up to $12 million, significantly higher than the town's previous record of $6.75 million. The town's property tax exemption and lack of a mansion tax may make it an appealing option for those looking to avoid multiple taxes. However, for a select group known for their status and preference for the best, Greenwich may not be sufficient to entice them away from New York City.
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