New York City has published a preliminary list of property owners who may be subject to a newly implemented surcharge on luxury second homes, marking a notable development in Mayor Zohran Mamdani’s effort to increase tax revenue from the city’s wealthiest residents. The list, released last week by the city’s Finance Department, includes names, addresses, and market values of properties potentially liable for the pied-à-terre tax, which targets second homes valued at $5 million or more.
Among those named are prominent figures including Commerce Secretary Howard Lutnick, whose trusteeship is linked to a $37 million property; Mary Trump, niece of former President Donald Trump; filmmaker Darren Aronofsky; as well as multiple units at Trump Park Avenue, where Ivanka Trump, Jared Kushner, and the former president’s lawyer Michael Cohen have resided. A $76 million Manhattan townhouse owned by the ex-wife of billionaire financier John Paulson is also listed. None of the individuals named were available for comment.
The list currently encompasses roughly 960,000 properties out of the city’s approximately 3.7 million housing units—significantly more than the estimated 10,000 homes that officials believe will ultimately be subject to the surcharge. The Finance Department plans to refine the list and begin issuing formal tax notifications by August 30, with a final version expected in December. Homeowners will have the opportunity to appeal their inclusion.
Mayor Mamdani, a Democratic socialist elected on a platform of affordability and taxing the wealthy, has positioned the pied-à-terre levy as a means to generate substantial new revenue for the city. The tax, which took effect on July 1, could add tens of thousands of dollars annually to some tax bills. Mamdani has emphasized the surcharge’s focus on the “richest of the rich,” previously highlighting properties such as Ken Griffin’s Central Park South penthouse, which could face an additional $1 million in taxes on top of nearly $837,000 in current property taxes.
The tax was approved by the New York State Legislature earlier this year, with backing from Governor Kathy Hochul’s office. Hochul, who opposed some of Mamdani’s broader tax increases on high-income earners and corporations, supported the pied-à-terre tax, which is expected to raise at least $500 million annually.
The release of the preliminary list has sparked criticism from business leaders and real estate professionals, some of whom view it as a tactic to publicly single out affluent individuals. Steven Fulop, head of the Partnership for New York City business group, described the publication of names as potentially stigmatizing taxpayers. Real estate attorneys note that property ownership information is routinely public but have expressed concern that the broad scope of the list may alarm owners not ultimately liable for the tax.
This rollout reflects broader tensions between Mayor Mamdani’s administration and segments of the city’s elite, as New York seeks new revenue sources amid ongoing affordability challenges.