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REBNY Calls for Pause on Pied-a-Terre Tax to Clarify Implementation
The Real Estate Board of New York (REBNY) on Tuesday called for a pause on Mayor Zohran Mamdani’s pied-a-terre tax, testifying before the City Council that “more careful thought and time are needed if this law is to be fairly implemented.” The law, which took effect on July 1 and sunsets in 2031, imposes an annual surcharge on non-primary residences valued at greater than $5 million.
REBNY has stated its opposition to the tax itself. However, its City Council testimony Tuesday focused on implementation.
“We warned from the beginning that this tax would be extremely difficult to administer,” said James Whelan, president of REBNY. “The rollout has been plagued by confusion, errors, and unanswered questions. The City cannot enforce first and explain later. The Mamdani administration should pause implementation until it can demonstrate it is ready to administer the tax fairly, accurately, and transparently.”
- ◦Financing
- ◦Policy/Gov't
