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New York City is taking a direct shot<\/a> at \u201cultra-wealthy and global elites,\u201d and Mayor Zohran Mamdani made sure the message landed clearly on Tax Day on April 15.<\/p>\n \u201cHappy Tax Day, New York. We’re taxing the rich,\u201d Mamdani wrote in a post on X<\/a>, alongside a video announcing a new tax targeting luxury second homes.<\/p>\n New York Gov. Kathy Hochul\u2018s proposal introduces what’s known as a pied-\u00e0-terre tax, an annual fee on properties worth more than $5 million that are not used as a primary residence.<\/p>\n \u201cIf you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker,\u201d Hochul said<\/a> in a statement.<\/p>\n Don’t Miss:<\/p>\n The policy is expected to generate at least $500 million annually, according to<\/a> City Hall, with funds going toward public services such as free child care, cleaner streets and safer neighborhoods. It could also help close a budget gap.<\/p>\n Mamdani framed the move as a matter of fairness, arguing that many high-end properties are owned by people who don’t actually live in the city but still benefit from rising real estate values.<\/p>\n \u201cThis is a fundamentally unfair system that hurts working New Yorkers,\u201d he said in the video.<\/p>\n To illustrate the point, Mamdani highlighted Citadel founder Ken Griffin, who purchased a $238 million penthouse in Manhattan in 2019.<\/p>\n The 23,000-square-foot property, the most expensive home ever sold in the U.S., was acquired in an off-market deal after Griffin expanded his firm’s presence in New York with office space on Park Avenue.<\/p>\n Happy Tax Day, New York. We’re taxing the rich. pic.twitter.com\/Wky2LFXC9W<\/a><\/p>\n \u2014 Mayor Zohran Kwame Mamdani (@NYCMayor) April 15, 2026<\/a><\/p>\n Trending: The “Uber of Smartphone Monetization” Turning Ad Scrolling Into Earnings Opens Its $0.50\/Share Pre-IPO Round With Bonus Shares Available<\/a><\/p>\n \u201cThis pied-\u00e0-terre tax is specifically designed for the richest of the rich, those who store their wealth in New York City real estate, but who don\u2019t actually live here,\u201d Mamdani said, standing in front of Griffin\u2019s penthouse.<\/p>\n Similar taxes already exist<\/a> in countries such as France, the U.K. and Canada, where governments have attempted to address vacant luxury housing and generate additional revenue.<\/p>\n For Mamdani, the proposal represents a key campaign promise delivered and a broader statement about who should bear more of the financial burden in one of the world’s most expensive cities.<\/p>\n \u201cAs mayor, I believe everyone has a role to play in contributing to our city,\u201d he said in the video. \u201cAnd some, a little bit more than others.\u201d<\/p>\n Read Next:\u00a0<\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. 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