Rich New Yorkers trying to dodge the new tax on second homes slam into a harsh reality

Pacific Press/Getty; Getty Images; Tyler Le/BI Among New York City's wealthiest homeowners, the stages of grief over the city's hotly contested " pied-à-terre tax " go something like this: First, anger at the chaotic rollout .

Then denial, as they pepper lawyers and tax advisors with various versions of "How can they do this?" Bargaining follows, as they hunt for loopholes or long-forgotten documents to plead their cases.

Some can afford to jump straight to the final stage: acceptance .

The uber-elite may brush off the new tax, levied on second homes worth at least $5 million, as merely another line item tacked onto their vast portfolios.

For most others, however, coming to terms with Mayor Zohran Mamdani's new policy will be more of a journey.

"People do not like hearing the word 'tax,'" Steven Cohen, a longtime luxury real estate agent, tells me.

Those hoping to sidestep the extra bill are running into a big problem: The new tax leaves little daylight for the kinds of workarounds that rich, absentee property owners are floating to their trusted advisors.

"People are trying to get a little creative," says David Fitzhenry, a local real estate attorney who advises high-net-worth clients.

"But the way the statute is written, there's not a lot of room for creativity." Add in the fact that New York City bureaucrats are famously aggressive in chasing down residents whose travel schedules could expose them to the city's steep income tax, and you're looking at a bunch of crestfallen millionaires and billionaires.

"I have one client who said, 'Well, they don't know that I live in Florida,'" recalls Fitzhenry.

"I said, 'Where do you file your tax returns?' He says, 'In Florida.'" Fitzhenry chuckles.

"That's a tough sell." Attorneys and accountants have been fielding concerned calls from wealthy homeowners since mid-April, when Mamdani strode in front of the ultra-luxe condo tower at 220 Central Park South — the site of a $238 million penthouse owned by hedge fund tycoon (and noted Miami resident) Ken Griffin — and reiterated his pledge to "tax the rich." Wringing more dollars from the cushy, largely empty crash pads that dot the five boroughs has long been a point of fascination among those who believe the wealthy should contribute a few more coins to the city's coffers.

Previous stabs at a second-home tax, most notably in 2019, gained some traction but ultimately fizzled.

This time, though, Mamdani and Gov.