Manhattan luxury real estate sales risedespite pied-à-terre tax

Mamdanis press spokesman said the mayor “wants all New Yorkers to succeed” but that “the tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink.”

The tax also faces big questions about implementation — and how to value New York properties.

New York‘s antiquated assessment system values properties far below their market value and leaves a small number of apartments valued at $5 million or more. Griffin’s $238 million apartment is assessed by the city at $6.99 million and valued at only $15.5 million, CNBC previously reported.

Hochul announced last week that she and the legislature had reached an agreement on the broad outlines of a state budget, which includes the pied-à-terre tax. She has not announced any details on the proposal, including the rates, timing and valuation system.

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