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Mayor Proposes $500M Luxury Home Surcharge, Citadel Threatens Tower

4/24/2026

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Summary

Story summary

Mayor Zohran Mamdani proposed a surcharge on luxury homes over $5 million not occupied full-time.
The surcharge is projected to raise at least $500 million for the city.
Mamdani said the funds would support cleaner streets, safer neighborhoods and child-care.
He singled out Citadel CEO Ken Griffin in Tax Day video, sparking a dispute.
Citadel warned the city could lose a 62-story tower that would create 6,000 construction and 15,000 permanent jobs.

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Story summary

Mayor Zohran Mamdani proposed a surcharge on luxury homes over $5 million not occupied full-time.
The surcharge is projected to raise at least $500 million for the city.
Mamdani said the funds would support cleaner streets, safer neighborhoods and child-care.
He singled out Citadel CEO Ken Griffin in Tax Day video, sparking a dispute.
Citadel warned the city could lose a 62-story tower that would create 6,000 construction and 15,000 permanent jobs.