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A ''pied-à-terre'' (, plural: ''pieds-à-terre''; French for "foot on the ground") is a small living unit, e.g., apartment or
A ''pied-à-terre'' (, plural: ''pieds-à-terre''; French for "foot on the ground") is a small living unit, e.g., apartment or condominium
A condominium (or condo for short) is an ownership structure whereby a building is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. The term can be applied to the building or complex ...
, often located in a large city and not used as an individual's primary residence. The term implies use of the property as a temporary second residence, but not a vacation home, either for part of the year or part of the work week, usually by a reasonably wealthy person. If the owner's primary residence is nearby, the term also implies that the residence allows the owner to use their primary residence as a vacation home.
Pieds-à-terre attracted discussion during the 2010s in Paris and New York, where they are argued to cause a reduction in the overall housing supply. A tax on such units has been discussed since 2014. A 2019 bill in the New York State Assembly that would place a recurring tax on luxury ''pieds-à-terre'' was blocked after intense pressure from real estate developers and their lobbyists.
New York City
In 2014, ''The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' reported 57% of units on one three-block stretch of midtown Manhattan were vacant over half of the year. Many of the buildings mentioned border Central Park
Central Park is an urban park in New York City located between the Upper West Side, Upper West and Upper East Sides of Manhattan. It is the List of New York City parks, fifth-largest park in the city, covering . It is the most visited urban par ...
and have become known as Billionaires' Row. New York State Senator
The New York State Senate is the upper house of the New York State Legislature; the New York State Assembly is its lower house. Its members are elected to two-year terms; there are no term limits. There are 63 seats in the Senate.
Partisan compo ...
Liz Krueger, whose district includes Midtown, stated:
My district has some of the most expensive land values in the world—I’m ground zero for the issue of foreign buyers. I met with a developer who is building one of those billionaire buildings on 57th Street and he told me, "Don't worry, you won't need any more services, because the buyers won't be sending their kids to school here, there won't be traffic."Some cooperative buildings in New York City have restrictions on pied-à-terre purchasers.
France
As of 2010, French cities with more than 200,000 people had a minimum year-long lease on apartments to crack down on ''pieds-à-terre'' being offered as short-term rentals.Amsterdam
While pieds-à-terre have historically been less common in the Netherlands, they have become subject to regulation in Amsterdam.See also
*Maisonette
An apartment (American English), or flat (British English, Indian English, South African English), is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single story. There are ...
* Commuting
Commuting is periodically recurring travel between one's place of residence and place of work or study, where the traveler, referred to as a commuter, leaves the boundary of their home community. By extension, it can sometimes be any regul ...
* Vacation property
A holiday cottage, holiday home, vacation home, or vacation property is accommodation used for holiday vacations, corporate travel, and temporary housing often for less than 30 days. Such properties are typically small homes, such as cottag ...
References
{{DEFAULTSORT:Pied-a-terre House types Residential real estate Property taxes