NYC's plan to tax luxury second homes, explained
New York City Mayor Zohran Mamdani is following through on one of his most divisive campaign promises: tax the rich.
Mamdani and Gov. Kathy Hochul introduced a new pied-à-terre tax proposal on Wednesday. The tax, which requires legislative approval, would affect residents who own a secondary property in New York City valued at over $5 million but live elsewhere. It's the first of its kind for New York state.
The proposal drew swift ire from some members of the upper echelon, including President Donald Trump. He, alongside other billionaires like Citadel CEO Ken Griffin, could be directly affected by the tax. Griffin purchased a Midtown penthouse for $238 million in 2019, while Trump owns properties in New York.
"Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure," Trump wrote in a Truth Social post on Thursday.
https://finance.yahoo.com/economy/policy/articles/nycs-plan-tax-luxury-second-091102302.html
It's a state tax Donny boy. The Feds have nothing to do with it.