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Mayor Zohran Mamdani's New Pied-à-terre Tax Database Faces Criticism for Broad Reach and Privacy Risks

The administration announced a new searchable database of over 960,000 properties in New York City, identifying owners who could be subject to a new non-primary residence tax. Mayor Zohran Mamdani published the list to provide transparency on the proposed pied-à-terre tax, which targets secondary homes valued above $5 million and condos valued over $1 million. However, critics argue the database is far broader than the "ultra-wealthy" target intended by the administration. Real estate experts warn that the tax could lead to capital flight, with wealthy residents potentially moving to states like Florida. Experts also noted that while moving properties into LLCs or trusts can provide privacy and liability protection, the city's "look-through" rule ensures that the beneficial owner remains responsible for the tax. The database has also sparked a debate over public records. Many middle-class homeowners were surprised to find their names and addresses publicly listed, prompting some to seek professional estate planning to protect their personal assets from liability and future probate issues.

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