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REBNY urges City Council to pause pied-a-terre tax implementation

The surcharge applies to non-primary residences worth more than $5 million and took effect July 1 before sunsetting in 2031.

Reported · Written up by our desk · Industry

The Real Estate Board of New York (REBNY) urged the City Council to pause implementation of Mayor Zohran Mamdani’s pied-a-terre tax, arguing that the current rollout has been too unclear to enforce fairly. ConnectCRE reports the group’s testimony focused on administration rather than the underlying opposition to the tax itself.

According to ConnectCRE, the law began on July 1 and is scheduled to sunset in 2031. It imposes an annual surcharge on non-primary residences valued above $5 million.

REBNY said the City cannot enforce the tax first while explaining later, citing what it described as confusion, errors, and unanswered questions during the rollout. ConnectCRE reports REBNY president James Whelan argued the administration should pause until it can show it is ready to administer the surcharge fairly, accurately, and transparently.

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