The New York State Assembly budget bill A09001 for the 2025–2026 fiscal year includes provisions authorizing a "pied-à-terre" surcharge on certain high-value residential properties in New York City owned as non-primary residences. The bill text describes the surcharge structure, property value thresholds, and specifies that the revenues from the surcharge are to be credited to New York City for local purposes. Fiscal notes attached to the bill project several hundred million dollars in annual revenue once the surcharge is fully implemented, although the exact figures and starting year are detailed in the accompanying financial plan.

A New York State Assembly press release on the FY 2026 budget states that the enacted budget "includes authorization for New York City to impose a pied-à-terre surcharge on certain high-value residential properties owned by non-primary residents." It specifies that "the surcharge applies to one-, two-, and three-family homes, condominiums, and cooperative units with assessed values above a statutory threshold, when the owner maintains a primary residence outside New York City." The release notes that "revenues from the surcharge are estimated at approximately $500 million annually and will accrue to the City of New York to support core municipal services."

New York City does not have unilateral authority to create new categories of income or wealth taxes without enabling legislation from the New York State Legislature. State legislative records for 2025–2026 show various tax-related bills, but there is no entry in this period clearly labeled as authorizing a New York City–specific "pied-a-terre tax" or a new city income tax on high earners that is documented as raising $0.5 billion annually for the city’s budget. This suggests that, as of the 2026 budget cycle, such a tax would still require or be awaiting explicit state authorization.

CBS News New York reports that "Gov. Kathy Hochul recently rolled out plans for a pied-à-terre tax, targeting secondary homes worth $5 million and more." The story frames it as part of "his tax-the-rich proposals" and notes that Mamdani has made hedge fund owner Ken Griffin "the poster boy for his plan to exact more taxes from him to balance his budget." The article describes the measure as aimed at wealthy owners of high-value second homes, but does not itself state the projected revenue figure.

Tangle reports that "On Wednesday, April 15, New York City Mayor Zohran Mamdani (D) and New York Gov. Kathy Hochul (D) proposed a pied-à-terre tax, an annual surcharge on New York City residences valued above $5 million owned by those who primarily live outside the city." The article notes that "Mamdani and Hochul claim the measure would raise $500 million in annual revenue to help address the city’s budget shortfall; if enacted, it would be the first pied-à-terre tax in New York’s history." It further explains that "The Democratic-majority state legislature must pass the tax as part of the state budget currently being negotiated."

The analysis discusses "New York City mayoral candidate Zohran Mamdani" and his revenue plans if he wins office, noting he "has pledged a battery of new social spending" and "says he'd raise $9 billion annually through a pair of tax hikes". It explains that he projects $5 billion from higher corporate taxes and $4 billion from a 2 percent income tax surcharge on salaries over $1 million. The piece critiques these as projections and campaign proposals, not as enacted taxes, and does not state that a specific $0.5 billion-per-year wealth tax has been implemented.

A tax analysis blog by law firm Hodgson Russ notes: "Mayor Zohran Mamdani recently proposed a roughly 9.5% property tax hike as a contingency plan to close a multibillion-dollar budget gap if state lawmakers decline to raise income tax on high earners." It explains that "The Mayor campaigned on, among other things, a 2% increase to New York City personal income tax for the City's highest earners." The piece adds that property taxes are "one of the few tax increases that doesn’t require approval from Albany" and that according to the Mayor’s preliminary budget, property taxes are one of the city’s only tools to close the projected gap without new state legislation.

The article describes the policy as "his latest tax proposal" and says: "That’s what New York City Mayor Zohran Mamdani is risking with his latest tax proposal. Mamdani announced the scheme to coincide with Tax Day." It quotes him: "‘When I ran for mayor, I said I was going to tax the rich. Well today, we’re taxing the rich,’ he said to the camera in one of his trademark short videos." The piece characterizes this as a plan targeting wealthy property owners and argues that it will not on its own close a projected $5.4 billion budget gap.

This commentary describes "New York mayoral candidate Zohran Mamdani’s proposals" for subsidized childcare, free bus service and city-run grocery stores, and notes: "To pay for this, Mamdani primarily plans to increase taxes on New York City residents with high incomes, as well as corporations operating within the city." It details that his platform "states that he will increase corporate taxes by more than a quarter (from 9% to 11.5%), and he expects this increase to generate 83% more corporate tax revenues ($6 billion to $11 billion)." The discussion focuses on proposed tax changes and revenue estimates and does not describe an already-enacted $0.5 billion per year tax on wealthy individuals.

A press statement notes that state legislators introduced a pied-à-terre tax bill with backing from New York City Mayor Zohran Mamdani. It explains that the legislation would impose an annual surcharge on non-primary luxury residences above a price threshold, and that revenue from the tax would be directed in part to New York City’s budget. The release cites an estimated "hundreds of millions of dollars annually" in new revenue for the city, with some estimates around $500 million per year, contingent on final bill details and implementation.

City & State New York notes that "Mayor Zohran Mamdani is throwing his support behind a state-level pied-à-terre tax that would target luxury properties owned by nonresidents." The piece explains that the surcharge "would apply to homes, condos and co-ops valued over $5 million where the owner’s primary residence is outside the five boroughs." It cites state projections that "the measure could raise roughly $500 million annually, a sum that would help close New York City’s budget shortfall." The article also clarifies that the tax "must be enacted by the state Legislature and signed by the governor" and is not a unilateral city ordinance.

NBC New York reports that "NYC Mayor Zohran Mamdani on Monday proposed a new pied-à-terre tax targeting wealthy nonresident owners of luxury apartments and townhouses." According to the segment summary, the plan "would impose an annual surcharge on properties valued at more than $5 million when the owner’s primary residence is outside the city." The report notes that "city and state officials estimate the tax could raise around $500 million a year, with most of the revenue earmarked for New York City programs," but also underlines that the proposal "still needs approval in Albany" before it can take effect.

In an interview segment described as part of “ALL IN America: Mayor Mamdani,” Chris Hayes says Mamdani released "his new plan to tax wealthy people's second homes in the city" and notes that the video shows the mayor "unveiling his new plan to tax wealthy people's second homes in the city." Mamdani confirms in the discussion that "we're going to tax the rich" and that the new tax "is going to be on second homes worth over $5 million." The segment frames the policy as a second-home tax targeting wealthy property owners, not a general income tax on all high earners.

In a video message, Zohran Mamdani states: "I'm thrilled to announce the city's first-ever pied-a-terre tax, which is a fee on luxury apartments worth more than $5 million whose owners don't live full time here." He continues: "This is an annual fee on luxury properties worth more than $5 million, whose owners do not live full-time in the city." Later in the clip he says: "This tax will raise at least $500 million directly for the city. It'll help fund things like free child care, cleaner streets, and safer neighborhoods." The video presents the measure as already secured and emphasizes that it targets wealthy second-home owners.

Zohran Mamdani is known in prior years as a member of the New York State Assembly representing parts of Queens, rather than as mayor, but for the purposes of this hypothetical scenario, the provided sources treat him as Mayor of New York City who has advanced a "tax the rich" agenda. In that scenario, he is described as working with the governor and state legislature to secure authorization for a New York City pied-à-terre tax, structured as a surcharge on high-value non-primary residences owned by wealthy individuals.