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New York City Mayor Zohran Mamdani celebrated a proposal to tax luxury second homes owned by the ultra-wealthy, a plan expected to generate at least $500 million annually.
Earlier in the day, New York Gov. Kathy Hochul unveiled a pied-à-terre tax on luxury second homes in New York City valued at $5 million or more, allowing the city to impose an annual surcharge on ultra-wealthy nonresidents.
The proposal is projected to generate at least $500 million annually, according to Hochul.
Mamdani praised the plan, noting he campaigned on taxing the wealthy.
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New York City Mayor Zohran Mamdani backed a proposal to tax luxury second homes owned by non-residents, targeting ultra-wealthy property owners. (Michael Nagle/Bloomberg via Getty Images)
“When I ran for mayor, I said I was going to tax the rich. Well, today, we’re taxing the rich,” he said in a video posted on X.
He said the tax is designed for the “richest of the rich,” people who “store their wealth in New York City real estate but who don’t actually live here.”
“This is a fundamentally unfair system that hurts working New Yorkers,” Mamdani said. “Now, it’s coming to an end.”
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New York Gov. Kathy Hochul in New York City Feb. 10, 2026. (Spencer Platt/Getty Images)
He added that revenue from the tax would go toward initiatives such as free childcare, cleaner streets and safer neighborhoods.
“As mayor, I believe everyone has a role to play in contributing to our city, and some a little bit more than others,” Mamdani said.
“Happy Tax Day, New York.”
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New York City Mayor Zohran Mamdani speaks at Gouverneur Health in Manhattan to announce a series of new policy moves involving public health and taxes Feb. 3, 2026. (Spencer Platt/Getty…
