NYC's pied-à-terre tax likely won't be enough to get people moving. That won't stop some towns from trying.
New York, New York.
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NYC's pied-à-terre tax is proving to be a pain in the penthouse for the rich.
Death and taxes are the two guarantees in life, but the latter has been a bit more negotiable for the rich. (And they're working on the former , too.) However, Mayor Zohran Mamdani's tax on NYC's second homes is proving difficult to sidestep.
And it's not for lack of trying.
BI's James Rodriguez spoke with attorneys and accountants advising the uber-wealthy on how to navigate the pied-à-terre tax .
For many, it's less about finding loopholes — hint: there aren't many — and more playing therapist for people accustomed to getting around big tax bills.
In a city where rent keeps climbing , and affordability remains a top issue, people who can afford second homes aren't necessarily getting much sympathy from fellow New Yorkers. (I don't foresee a protest starting over Ken Griffin, who is worth roughly $48 billion, paying up to $1.4 million in additional taxes because of his three luxury apartments.
But, maybe I'm wrong!) One thing experts James spoke to seem certain about: No one is going anywhere due to the pied-à-terre tax.
For all the talk of NYC being " cooked ," insiders don't see the uber-wealthy selling their second homes en masse.
That doesn't mean places won't try to pitch themselves as a pied-à-terre sanctuary.
One tri-state town appears to be making a pitch: Greenwich, Connecticut.
I'll admit I live in Greenwich.
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