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Mayor Cites Musk's Trillion-Dollar Wealth to Tax Luxury Homes

6/13/2026

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Summary

Story summary

Mayor Zohran Mamdani cited Elon Musk’s trillion-dollar net worth to push a tax on multimillion-dollar second homes.
SpaceX’s IPO on Friday lifted the share price to $150, making Musk the first trillionaire and giving him wealth four times Larry Page’s.
The city’s newly adopted pied-à-terre tax on luxury second homes has drawn criticism from affluent residents.

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Story summary

Mayor Zohran Mamdani cited Elon Musk’s trillion-dollar net worth to push a tax on multimillion-dollar second homes.
SpaceX’s IPO on Friday lifted the share price to $150, making Musk the first trillionaire and giving him wealth four times Larry Page’s.
The city’s newly adopted pied-à-terre tax on luxury second homes has drawn criticism from affluent residents.