Appeals Court Clears Mamdani Second-Home Tax

Mamdani's city just got the green light on its second-home tax after a Staten Island judge hit pause in September. A state appeals court reversed that ruling, finding the people who sued never showed a concrete injury, which in legal English means come back when it hurts. Houses valued above $5 million pay 0.8% to 1.3% a year, and condos and co-ops above $1 million pay 4% to 6.5%. The city's published list names more than 960,000 homeowners who could be hit, which is a remarkably large number of ultrawealthy for one city. Mamdani says the court 'rejected an attempt by the ultrawealthy to avoid paying their fair share.' Supporters estimate $500 million a year. Every airport paperback has a villain who promises the budget will balance itself, and the last chapter always shows the hole. Constitutional challenges, including ones from Wilbur Ross and Steve Wynn, head to court Dec. 1.

“rejected an attempt by the ultrawealthy to avoid paying their fair share”Zohran Mamdani, via Washington Examiner