🔴 LIVE: The City Council Hosts a Hearing on the Pied-à-Terre Tax Rollout

The New York City Council held an oversight hearing on August 19, 2026, to examine the rollout and implementation of the Pied-à-Terre tax, a surcharge on non-primary residences valued above $5 million. The hearing focused on the Department of Finance's (DOF) publication of a supplemental list containing over 900,000 properties potentially subject to the tax, despite estimates that only about 14,000 to 17,000 properties would be affected. Council members and public witnesses criticized the DOF for releasing extensive personal property information, causing privacy and security concerns, and for placing the burden on property owners to prove primary residency rather than using existing government records. Several speakers highlighted the financial and administrative challenges faced by co-op and condominium owners, including the risk of assessments being passed on to other residents. The DOF commissioner submitted written testimony but did not appear in person due to ongoing litigation. The Council expressed dissatisfaction with the administration's absence and announced plans to send detailed follow-up questions to the DOF regarding the tax's implementation, data accuracy, notification processes, exemption criteria, and appeals procedures. The hearing underscored significant public confusion, concerns about fairness, and the need for improved communication and transparency in administering the tax.