Manhattan Luxury Market Booms Despite Mayor Mamdani’s New Tax on Second Homes

Despite New York City’s first ever pied-à-terre tax on upscale properties worth over $5 million, the city’s luxury real estate sector remains unbowed—in fact, it is booming. The tax championed by Mayor Zohran Mamdani went into effect July 1, but Manhattan’s luxury market continues to outperform, with $20 million-plus properties recording a 25% annual increase in signings (8 total), according to a Compass second quarter luxury market report . And sales activity in the $10 million to $20 million s