Story perspectives

NYC OKs $500M Second-Home Tax, Trump, Griffin Protest

5/30/2026

Summary

Story summary

Kathy Hochul and Mayor Zohran Mamdani secured approval of a pied-à-terre tax on second homes in New York City, projected to raise $500 million.
The surcharge can reach 6.5 % on condos over $5 million and 4 %-6.5 % on condos/co-ops above $1 million for 2026-2028, while homes $5 million-$15 million face 0.8 %, doubling owners’ tax bills.
U.S. President Donald Trump and Citadel founder Ken Griffin denounced the tax, with Griffin warning it could jeopardize a $6 billion Citadel project.

History

Historical Context

In 2015 Donald Trump secured a $21.1 million tax deduction through a conservation easement, and a 2020 New York Times report revealed he classified the same estate as an investment property to claim a $2.2 million property-tax write-off. Those tactics illustrate the long-standing debate over luxury-property levies that underpins the 2024 New York luxury condo surcharge.

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Story summary

Kathy Hochul and Mayor Zohran Mamdani secured approval of a pied-à-terre tax on second homes in New York City, projected to raise $500 million.
The surcharge can reach 6.5 % on condos over $5 million and 4 %-6.5 % on condos/co-ops above $1 million for 2026-2028, while homes $5 million-$15 million face 0.8 %, doubling owners’ tax bills.
U.S. President Donald Trump and Citadel founder Ken Griffin denounced the tax, with Griffin warning it could jeopardize a $6 billion Citadel project.

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