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New York Metropolis Mayor Zohran Mamdani celebrated a proposal to tax luxurious second houses owned by the ultra-wealthy, a plan anticipated to generate a minimum of $500 million yearly.
Earlier within the day, New York Gov. Kathy Hochul unveiled a pied-à-terre tax on luxurious second houses in New York Metropolis valued at $5 million or extra, permitting the town to impose an annual surcharge on ultra-wealthy nonresidents.
The proposal is projected to generate a minimum of $500 million yearly, in keeping with Hochul.
Mamdani praised the plan, noting he campaigned on taxing the rich.
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New York Metropolis Mayor Zohran Mamdani backed a proposal to tax luxurious second houses owned by non-residents, focusing on ultra-wealthy property homeowners. (Michael Nagle/Bloomberg by way of Getty Pictures)
“After I ran for mayor, I stated I used to be going to tax the wealthy. Effectively, at this time, we’re taxing the wealthy,” he stated in a video posted on X.
He stated the tax is designed for the “richest of the wealthy,” individuals who “retailer their wealth in New York Metropolis actual property however who do not really stay right here.”
“This can be a essentially unfair system that hurts working New Yorkers,” Mamdani stated. “Now, it is coming to an finish.”
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New York Gov. Kathy Hochul in New York Metropolis Feb. 10, 2026. (Spencer Platt/Getty Pictures)
He added that income from the tax would go towards initiatives comparable to free childcare, cleaner streets and safer neighborhoods.
“As mayor, I consider everybody has a job to play in contributing to our metropolis, and a few a bit of bit greater than others,” Mamdani stated.
“Completely satisfied Tax Day, New York.”
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New York Metropolis Mayor Zohran Mamdani speaks at Gouverneur Well being in Manhattan to announce a collection of latest coverage strikes involving public well being and taxes Feb. 3, 2026. (Spencer Platt/Getty Pictures)
Based on the governor’s workplace, the pied-à-terre tax would apply to residential properties in New York Metropolis that aren’t used as a main residence.
Hochul stated the tax would “be sure that people who personal luxurious houses, however don’t stay within the Metropolis or pay Metropolis revenue tax are nonetheless pretty contributing in the direction of the funding of the important companies like policing and parks that make New York Metropolis a world vacation spot.”
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“It’s not a tax on residents. That’s so vital. We’re speaking about people who find themselves ultrawealthy,” she stated throughout a information convention Wednesday.
Hochul added that the proposal would assist generate income as the town faces finances constraints with out affecting most residents.
