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NYC Mayor Pushes $350M Pied-à-Terre Tax, CEOs Warn Exodus

5/21/2026

46 8 Full Breakdown

Summary

Story summary

Mayor Zohran Mamdani filmed a Tax Day video in front of billionaire Ken Griffin’s penthouse to promote a pied-à-terre tax that the comptroller projects will raise $340-$380 million annually.
Founder Jeff Bezos said the tax, likening it to hotel taxes, should not single out anyone.
Business leaders, including Griffin, warned the tax could drive firms out of New York, noting Griffin may move a $6 billion office project to Miami, risking revenue.

History

Historical Context

Mayor David Dinkins’ 1990 levy sparked a citywide debate over taxing the ultra-wealthy, a controversy that helped shape the 1981 S.7000-A law establishing four property classes still governing NYC taxes. In 2026 Mayor Zohran Mamdani revived a similar “pied-à-terre” tax, prompting billionaire Jeff Bezos and hedge-funder Ken Griffin to warn of relocation risks.

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Story summary

Mayor Zohran Mamdani filmed a Tax Day video in front of billionaire Ken Griffin’s penthouse to promote a pied-à-terre tax that the comptroller projects will raise $340-$380 million annually.
Founder Jeff Bezos said the tax, likening it to hotel taxes, should not single out anyone.
Business leaders, including Griffin, warned the tax could drive firms out of New York, noting Griffin may move a $6 billion office project to Miami, risking revenue.

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