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business1d ago
Ken Griffin poised to pay extra $1.4M in taxes for NYC properties thanks to Mamdani’s pied-à-terre tax: report
- Ken Griffin is expected to pay an additional $1.3–$1.4 million annually under New York City's pied-à-terre tax.
- The pied-à-terre tax targets second homes worth at least $1 million, with rates from 4% to 6.5%.
- Griffin owns the 220 Central Park South penthouse, bought for about $238 million in 2019.
- City officials estimate the pied-à-terre tax could generate $340–$500 million in annual revenue.
- Critics warn the tax could slow luxury housing sales and reduce city revenue if buyers pull back.
- The tax was passed as part of the state budget with support from Mayor Mamdani.
- Griffin criticized the tactic Mamdani used in a viral Tax Day video.
- Other high-profile owners like Jeff Bezos could also be affected by the new tax.
- The policy could shift wealthy residents' behavior, potentially reducing luxury investment in New York.
- Mayor Mamdani framed the tax as part of a 'tax the rich' agenda during a viral video.
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