Mamdani plans pied-a-terre tax
Mayor Zoran Mamdani announced plans to tax luxury second homes owned by absentee residents in New York City.
The president is considering the feud after weeks of back-and-forth between the billionaire and New York’s mayor.
President Donald Trump defended Citadel CEO Ken Griffin after he publicly spat with Mayor Zoran Mamdani, claiming the mayor had harmed him over his latest tax campaign.
Here’s what was said:
What did Donald Trump say?
“Losing someone like Ken would be a great loss to New York,” President Trump said in an interview with radio host Sid Rosenberg.
“You have to do the opposite. You have to take care of them, … take them to the office, … have dinner with them,” Trump said. “We have to convince them not to leave.”
Why is Ken Griffin angry at Mamdani?
The controversy began last month after Mamdani released a video explaining the new pied-à-terre tax.
The proposal would add an annual fee to one- to three-family homes, condominiums and co-ops worth more than $5 million if the owners have another primary residence outside the city, and is expected to generate $500 million a year in revenue.
In a video promoting the tax, the mayor stood outside Griffin’s home and held it up as an example of who would spearhead legislation targeting wealthy residents.
At the time, Griffin’s company issued a statement to employees calling the video “disgraceful” and hinting that her company might not move forward with new projects in the city, according to emails first reported by the Wall Street Journal.
Mamdani responded at a separate press conference that he was open to speaking with Griffin. But Mr Griffin said Mamdani’s video turned him into a “political puppet”.
“It’s also disconcerting that the tax itself is a tax that discriminates against a select group of people,” Griffin said in an interview with CNBC.
And he said, “What’s really upsetting about the video is the fact that he did me harm.”
Past feud between Trump and Mamdani over new tax plan
When Mamdani first announced the pied-à-terre tax, Trump took to social media to slam the mayor.
“Sadly, Mayor Mamdani is trying to destroy New York! No chance! The United States should not be complicit in New York’s failures,” Trump wrote on Truth Social.
“It’s only going to get worse. Taxes, taxes, tax policy is so wrong. People are fleeing. They have to change their ways, and fast. History has shown us that this ‘thing’ just doesn’t work.”
In response, Mamdani said: “Both the president and I want the city to succeed. This is how you do it.”
