Mayor Calls Out Ken Griffin’s $238 Million Penthouse on Tax Day
Mayor Zohran Mamdani has enacted the city’s inaugural pied-à-terre tax, targeting luxury properties valued over $5 million owned by non-residents, a key campaign pledge fulfilled on tax day. This annual fee, announced outside hedge fund billionaire Ken Griffin’s residence, applies to homes where the owner’s primary residence is outside New York City. Expected to generate at least $500 million annually, the revenue is earmarked for essential public services such as free childcare, street cleaning, and neighborhood safety initiatives. The proposal requires state legislative approval and has been met with strong support from the Governor, aiming to address what the Mayor describes as a “fundamentally unfair system” of empty, high-value properties.
John Q. Hosedrinker