1. United States
2. N.Y.
3. Letter

I am writing to express my strong support for your recent move to back a pied-à-terre tax on ultra-luxury second homes in New York City. Your decision to advance this proposal alongside Mayor Zohran Mamdani marks a meaningful and long-overdue step toward a fairer tax system in our state. Recent reporting makes clear just how significant this shift is. After months of resisting new taxes, your administration has now endorsed a measure targeting second homes valued above $5 million—properties often owned by ultra-wealthy individuals who do not live in New York full-time. This proposal is expected to generate roughly $500 million annually while helping address the city’s budget gap and ongoing affordability crisis. That is real progress. It is also a recognition that the wealthiest among us—especially those who treat New York real estate as an investment rather than a home—can and should contribute more to the public good. But this must be only the beginning. The pied-à-terre tax is a promising first step, yet it is limited in scope. It applies narrowly to a specific class of property and leaves much of the concentrated wealth in New York untouched. At a moment of deep inequality, persistent housing instability, and urgent public investment needs, we cannot afford to stop here. I urge you to build on this momentum by advancing a broader and more ambitious tax agenda that ensures the wealthiest New Yorkers contribute their fair share. This should include: - Expanding taxes on high-income earners and large fortunes - Closing loopholes that allow the ultra-wealthy to shield income and assets - Exploring additional property-based and speculative investment taxes - Ensuring new revenue is directed toward housing, transit, childcare, and essential public services The current proposal demonstrates that political will can shift—and that leadership matters. You have taken an important step by aligning with efforts to tax extreme wealth. Now is the time to go further and fully meet the scale of the challenges facing New York. New Yorkers are ready for a tax system that is fair, progressive, and capable of funding the future we all deserve. I urge you to continue down this path with boldness and urgency.