Pied-à-terre

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A pied-à-terre (French pronunciation: ​[pjetaˈtɛʁ]; French for "foot on the ground") is a small living unit usually located in a large city some distance away from an individual's primary residence. It may be an apartment or condominium.

The term pied-à-terre implies usage as a temporary second residence (but not a vacation home), either for part of the year or part of the work week, by a reasonably wealthy person.[1] If the owner's primary residence is nearby, a pied-à-terre implies a secondary residence within the city which allows the owner to use their primary residence as a vacation home.[2]

Pied-à-terres attracted discussion during the 2010s in Paris and New York, where pied-à-terres cause a reduction in the overall housing supply.[3][4][unreliable source?] A tax on pied-à-terres has been discussed since 2014.[4][unreliable source?][5] In 2014, The New York Times reported 57 percent of units on one three-block stretch of midtown Manhattan were vacant over half of the year.[6] The Times quoted a local New York State Senator, "'My district has some of the most expensive land values in the world—I’m ground zero for the issue of foreign buyers,' said State Senator Liz Krueger, whose district includes Midtown. '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."'"[6] Many of the buildings mentioned border Central Park and have become known as Billionaires' Row. Some cooperative buildings in New York City also have restrictions on pied-à-terre purchasers.[7][unreliable source?]

As of 2010, French cities with more than 200,000 people had a minimum year-long lease on apartments to crack down on pied-à-terres being offered as short term rentals.[3]

Pied-à-terres are also subject to regulation in Amsterdam.[8][non-primary source needed][original research?] They are best known in the Netherlands to provide housing to politicians working in The Hague.[9]

See also[edit]

References[edit]

  1. ^ Woolsey, Matt (May 11, 2007). "Choice Cities for a Pied-A-Terre". Forbes. Retrieved 2009-01-19.
  2. ^ Visser, Gustav (2004). "Second homes and local development: Issues arising from Cape Town's De Waterkant". GeoJournal. 60: 260. Retrieved 15 October 2018.
  3. ^ a b Rafferty, Jean (July 6, 2010). "To Address Its Housing Shortage, Paris Cracks Down on Pied-à-Terre Rentals". New York Times. Retrieved October 13, 2018.
  4. ^ a b http://www.cityandstateny.com/articles/opinion/commentary/manhattan-pied-a-terre-tax-smart-policy-constitutional.html
  5. ^ http://www.nydailynews.com/opinion/grateful-nyc-pied-a-terre-article-1.1953048
  6. ^ a b Satow, Julie (24 October 2014). "Pieds-à-Terre Owners Dominate Some New York Buildings". The New York Times. p. RE1. Retrieved 11 July 2017.
  7. ^ http://streeteasy.com/blog/what-is-a-pied-a-terre/
  8. ^ http://www.amsterdam.nl/veelgevraagd/?caseid=%7B08D1B786-3189-4047-A82B-1C49F22B70BC%7D
  9. ^ van den Eerenbeemt, Marc (August 25, 2010). "Een staccato leven in de stad". de Volkskrandt.