Lutnick, Ivanka, Woody Allen Included... Fallout over NYC's Expensive 'Second Home' List Disclosure

Tax Plan Announced for High-Value Non-Primary Residences
Many Properties Owned by Figures in Business and Culture Listed
Backlash Mounts: "Irresponsible and Foolish Move"

New York City has made public, for the first time, the names and addresses of owners holding expensive "second homes" online.

Zohran Mamdani, New York City Mayor. Reuters Yonhap News

On July 28 (local time), Yonhap News, citing the Wall Street Journal (WSJ), reported that Zohran Mamdani, New York City Council Member, published a list of real estate owners, hinting at impending taxation. The publicly disclosed properties are homes classified as not being used as primary residences. Condominium and co-op units with a market value of at least USD 1 million, as well as single-family and multi-family homes valued at USD 5 million or more, were included on the list.

The list contains the owner's name, address, and the real estate's current market value. New York City clarified that being included on the list does not automatically mean property tax liability. Exemptions could apply if the owner, tenant, or immediate family members are living in the property.

It is reported that more than 960,000 properties and owners, including prominent figures from politics, business, and the cultural sector, were listed. The roster features a USD 37 million home held under trust by Howard Lutnick, U.S. Secretary of Commerce; Mary Trump, niece of U.S. President Donald Trump; Jenica Paulson, ex-wife of hedge fund manager John Paulson; and homes owned by film director Darren Aronofsky. Properties belonging to former Vogue editor-in-chief Anna Wintour and film director Woody Allen were also listed.

There are even cases where entire buildings have been listed. In a luxury condo building that once housed President Trump’s eldest daughter Ivanka Trump and Michael Cohen, Trump’s former personal attorney, more than ten units were included on the list.

Council Member Mamdani personally announced the public disclosure. On July 23, he posted on X (formerly Twitter), "If you own a second house in New York City worth more than USD 5 million, check your mailbox when you’re back in the city."

A photo of downtown New York City to aid in understanding the article. Pixabay

Mamdani, a self-declared democratic socialist, was elected on a pledge to stabilize housing prices by increasing taxes on the wealthy. This measure is part of his broader tax expansion initiative and is commonly called the "pied-à-terre tax." It targets non-residents who own expensive homes in New York City by imposing an extra property holding tax. The term "pied-à-terre" is French for a vacation home or temporary lodging.

Previously, New York State estimated that the actual number of taxable homes would be around 10,000. New York City plans to further review and adjust the list to determine the final group to be taxed by December. New York City Comptroller Mark Levine’s office projected that the potential tax revenue would be between USD 340 million and USD 380 million (about KRW 490 billion to KRW 550 billion). The Comptroller’s office also cautioned that the actual tax collected could gradually decline as owners restructure their assets.

There has been backlash against releasing the list before finalizing who will be taxed. Steven Fulop, CEO of Partnership for New York City, criticized the decision, saying, "It sends an implicit message that these people have done something wrong, not just that they might be subject to taxation. Mamdani has already won his election—there’s no need to govern the city by embarrassing people just to send a political message."

David Carr, minority leader of the New York City Council and one of the individuals named, confirmed that his own home was on the list. He called the move “irresponsible and foolish,” adding that thousands of properties may eventually be removed from the list due to exemptions or successful challenges.

The real estate industry also raised concerns about the scope of the list. James Whelan, president of the Real Estate Board of New York (REBNY), pointed out that disclosing the list before determining tax eligibility has created uncertainty for property owners. While the association has explained that the tax targets second homes worth over USD 5 million, the list suggests that a much broader range of owners could be affected.

However, New York City asserted that publishing the list complies with state law and that information about property owners has always been part of publicly available records.

This content was produced with the assistance of AI translation services.