AI-washing – when AI hype becomes a litigation risk
Insights and Analysis
New York City & State propose Pied-à-Terre Tax
21 April 2026
New York City Mayor Zohran Mamdani and New York State Governor Kathy Hochul have announced a proposed Pied-à-Terre Tax which would levy an annual surcharge on one to three family homes, condominium and cooperative properties valued above US$5 million. Although the tax would only be levied on owners who have a separate primary residence outside of New York City, significant questions remain about implementation, including how the tax would be levied and how the value of homes would be calculated.
These issues could be particularly thorny in the case of cooperative properties where individual units are not separately assessed by the New York City Department of Finance. Similar Pied-à-Terre taxes have been proposed by prior administrations but not implemented.
The Hogan Lovells Tax Certiorari team will continue to monitor policy developments in this space.
Authored by Susan Davidson and Adrian Diaz.
Contacts
Articles you may be interested in
View more insights and analysis
