Mamdani plans pied-a-terre tax
Mayor Zoran Mamdani announced plans to tax luxury second homes owned by absentee residents in New York City.
Mayor Zoran Mamdani points out similarities with President Donald Trump do shared when asked to respond to a public post condemning the president’s new tax policy yesterday.
Mamdani, who was called by President Trump on Thursday night to discuss his latest plan to tax wealthy residents, said both politicians want New York City to succeed.
Here are some comments about the Mayor’s recent post:
Why is President Trump angry with Mamdani?
This week, Mamdani announced plans to tax the wealthy, one of his key campaign promises. The mayor, alongside Gov. Kathy Hochul, announced the state’s first new pied-à-terre tax.
The new tax “would impose an annual surcharge on one- to three-unit homes, condos, and co-ops valued at $5 million or more if the owner has another principal residence outside of New York City,” the city said.
Mamdani and Trump disagree on many policies that affect the city and the country, but they continue to reach agreement, especially when the politicians meet face-to-face. However, this tax appears to have struck a nerve with the president.
“Sadly, Mayor Mamdani is trying to destroy New York! No chance! America should not be complicit in New York’s failures,” President Trump wrote on Truth Social Thursday.
“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.”
President Trump has in the past threatened federal funding for New York City, the nation’s largest city by population.
Before Mamdani’s victory, the president endorsed former Gov. Andrew Cuomo and said he would withhold federal funding if the socialist won. The city receives billions of dollars from the federal government each year.
What did Mamdani say to Trump?
“Both the president and I want the city to succeed. This is the way to do it,” Mamdani said Friday.
“I’ve made it clear to the president and the people that I wholeheartedly support taxing the wealthy,” Mamdani said at a news conference on trash.
A release on the new tax plan this week said: “This measure targets the ultra-wealthy and global elites outside the city who use New York City real estate as a store of wealth rather than as a residence.”
“It’s expected to bring in $500 million a year, including some of the most expensive homes in the country.”
