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Trove Partners’ Ian Slater on New York’s Pied-a-Terre Tax and Owners’ First Moves
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Commercial Observer
Last week, the Mamdani administration made good on its promise to enact a tax on New York City’s wealthiest homeowners.
Commercial Observer: You said your clients are already asking you to sell their properties, even though the list isn’t final yet.
The issue there is that on the high end — like really high end, where we tend to operate — people don’t really prefer to rent their space out.
How do you see the pied-a-terre tax impacting New York’s real estate market in the long run?
But, if you’re of a certain wealth level, and if your job isn’t inherently tied every day to New York City, you’re free to bounce.