Mayor Zohran Mamdani is still confident New York City’s new tax on high-value second homes will generate about $500 million a year, even as the city has begun clearing thousands of properties that were initially flagged as potentially subject to the surcharge.
The latest figures, disclosed in court filings this week and addressed by Mamdani at a Bronx press conference Wednesday, offer the clearest picture yet of how the Department of Finance (DOF) is narrowing the pool of properties that could ultimately face the new pied-à-terre tax.
