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NYC Luxury Second-Home Tax Targets $500 M, Triggers Wealthy Exodus

5/9/2026

Summary

Mayor Announces Luxury Tax

Mayor Zohran Mamdani announced a pied-à-terre tax on NYC second homes over $5 million, which Governor Kathy Hochul estimates will raise at least $500 million annually.
Hedge-fund CEO Ken Griffin, whose Manhattan penthouse cost about $239 million, called the tax frightening and announced a Miami expansion.
Developers MAST Capital and OneWorld Properties note rising Miami interest from New Yorkers, while critics fear the tax could drive the ultra-wealthy away.

Summary

Post Slams Mamdani

The Washington Post editorial board called Mamdani’s Tax Day video a dangerous “politics of envy” threatening citizens and noted his boycott after Jeff Bezos and Lauren Sánchez Bezos hosted it.
Ken Griffin called the clip “creepy” and recalled the December 2024 killing of CEO Brian Thompson, citing his $400 million gift and Citadel’s $2.3 billion taxes.
Editorial likened Mamdani’s targeting of a billionaire to campaigns by Elizabeth Warren, Alexandria Ocasio-Cortez and Bernie Sanders.

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Mayor Announces Luxury Tax

Mayor Zohran Mamdani announced a pied-à-terre tax on NYC second homes over $5 million, which Governor Kathy Hochul estimates will raise at least $500 million annually.
Hedge-fund CEO Ken Griffin, whose Manhattan penthouse cost about $239 million, called the tax frightening and announced a Miami expansion.
Developers MAST Capital and OneWorld Properties note rising Miami interest from New Yorkers, while critics fear the tax could drive the ultra-wealthy away.

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