Mayor Mamdani to address pied-à-terre tax and deed theft controversy
BEDFORD-STUYVESANT (WABC) -- Mayor Zohran Mamdani is expected to appear in Bedford-Stuyvesant on Friday, joining other elected officials, to talk about some hot button issues.
One of those officials joining the mayor will include Council Member Chi Ossé, who was arrested at a protest earlier this week. He rang the alarm on an issue he says some of his constituents in the area are facing: deed theft.
A chaotic scene unfolded on Jefferson Avenue as a protest that appeared to block the eviction of a longtime resident ended with four arrests, including the council member, who was seen on the ground as he was handcuffed.
The council member has been a major voice in this conversation, aiming to protect homeowners against predatory homebuyers who target the elderly or longtime homeowners.
Unbeknownst at the time, Eyewitness News later learned the property on Jefferson Avenue, where many protested outside, was not a deed theft case but rather a complicated family ownership situation that resulted in real estate speculators swooping in and buying the property. Council Member Chi Ossé, a fierce advocate against deed theft, continues to state his case.
"We must end the scourge of deed theft, and we will continue to advocate that the governor enact a moratorium so those dealing with deed theft cases can stay in their homes," Ossé said.
The mayor responded, saying the council member is rightly passionate about tackling the scourge of deed theft and has been leading the charge. The mayor is set to announce he is creating an Office of Deed Theft Prevention to give residents a place to go.
The office will have a three-pronged strategy for addressing deed theft: catch it early, educate homeowners about the risks, and get people's homes back. It will coordinate with the attorney general's office and district attorneys to get them to take on cases, and attempt to bring in pro-bono attorneys to help homeowners.
The mayor is also expected to address the proposed tax that would target multimillion-dollar second homes in the city.
Mamdani is expected to be confronted with concerns that his aggressive social media posts about the governor's proposed pied-à-terre tax may drive business out of the city.
Earlier this month, the mayor posted a video outside the home of hedge fund CEO Ken Griffin, saying Griffin should pay more taxes on his $238 million penthouse.
Griffin's chief operating officer questioned whether a planned Midtown construction project would move forward following the attack.
The project, the redevelopment of 350 Park Avenue, would create 6,000 construction jobs and more than 15,000 permanent jobs.
Governor Kathy Hochul has announced a proposed tax on second homes worth $5 million or more owned by non-city residents as part of her budget, which is still being negotiated in Albany.
It is a delicate balance for the governor to keep business in the city while under pressure from the mayor and his allies in Albany to tax the wealthy.
Officials say they are confident the tax would raise about $500 million for the city, noting that part of the conversation is understanding the gap between stated property values and assessed values.
There has been no comment yet from the mayor's office on apparent threats to halt the project at 350 Park Avenue.
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