{"id":204109,"date":"2026-04-21T00:52:27","date_gmt":"2026-04-21T00:52:27","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/204109\/"},"modified":"2026-04-21T00:52:27","modified_gmt":"2026-04-21T00:52:27","slug":"new-yorks-anti-rich-current-reaches-apex-with-second-home-tax-plan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/204109\/","title":{"rendered":"New York\u2019s Anti-Rich Current Reaches Apex With Second-Home Tax Plan"},"content":{"rendered":"<p class=\"css-ac37hb evys1bk0\">Mayor Zohran Mamdani stood in front of a camera along one of New York City\u2019s most exclusive strips of real estate with a message for his constituents: \u201cToday we\u2019re taxing the rich.\u201d<\/p>\n<p class=\"css-ac37hb evys1bk0\">Before he outlined a new plan to tax multimillion-dollar pied-\u00e0-terre properties that dot the city\u2019s luxury towers, he moved uncomfortably close to the camera, looked into the lens and pecked at it with his finger.<\/p>\n<p class=\"css-ac37hb evys1bk0\">But the mayor was tapping into something much bigger. On the city\u2019s streets, an anti-rich current has been building, highlighted by the election of the mayor himself who ran on an affordability platform. And this week, a mix of events appeared to indicate new levels of intolerance for New York\u2019s \u00fcber-wealthy.<\/p>\n<p class=\"css-ac37hb evys1bk0\">On the same day that Gov. Kathy Hochul proposed a new pied-\u00e0-terre tax backed by the mayor on second homes with assessed values of $5 million or more, doormen, superintendents and others who typically earn a salary of $62,000 a year and enable the trappings of a luxury life <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2026\/04\/15\/nyregion\/nyc-doorman-strike.html\" title=\"\" rel=\"nofollow noopener\" target=\"_blank\">threatened to go on strike<\/a>. Then on Thursday, Mr. Mamdani <a class=\"css-yywogo\" href=\"https:\/\/hellgatenyc.com\/mayor-mamdani-hell-gate-interview\/\" title=\"\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">confirmed to Hell Gate<\/a> that he and his wife <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2026\/04\/16\/style\/met-gala-mayor-mamdani-nyc.html\" title=\"\" rel=\"nofollow noopener\" target=\"_blank\">planned to snub the Met Gala<\/a>, a springtime rite of celebrities and the wealthy, criticized for its annual display of elitism. (This year, the billionaire Jeff Bezos is sponsoring the event.)<\/p>\n<p class=\"css-ac37hb evys1bk0\">Inequality is part of the rhythm of the city, on full display in places like Billionaires\u2019 Row, where on a recent afternoon whiffs of the perfumed lobbies of the luxury towers wafted toward a man in ragged clothes sprawled across the concrete.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cIn New York we all live together. You have much more class overlap than in other places,\u201d said Marissa Thompson, an assistant professor of sociology and the co-director of the Center for the Study of Wealth and Inequality at Columbia University. \u201cAll of that has come to a crescendo. People are feeling the squeeze of inequality.\u201d<\/p>\n<p class=\"css-ac37hb evys1bk0\">The image of the city\u2019s ultra wealthy class looms in the sky, hovering over the rest of New York in supertall luxury apartment towers.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Down on the streets, residents have marched outfitted in \u201ceat-the-rich\u201d T-shirts alongside groups like <a class=\"css-yywogo\" href=\"https:\/\/www.trillionairesfortrump.org\/\" title=\"\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">Trillionaires for Trump<\/a>, mocking the superrich in \u201cNo Kings\u201d protests. \u201cIt dovetails with a frustration that the levers of government are at the hands of the extremely wealthy and the rest of us are left to eat the crumbs,\u201d said the Manhattan borough president, Brad Hoylman-Sigal, who as a state senator 12 years ago proposed a pied-\u00e0-terre tax that fell flat.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Back then, Mr. Hoylman-Sigal noted, the concept of Billionaires\u2019 Row, the name for a stretch of luxury high rises near to and along 57th Street, barely existed.<\/p>\n<p class=\"css-ac37hb evys1bk0\">But many New Yorkers worried the new moves against the rich could upend livelihoods. Agents working in real estate, a major driver of the city\u2019s economy, were eager to hear more details about plans for a second-home tax.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cThe natural reaction is to have a kind of freak out moment,\u201d said Jade Chan, a high-end real estate broker for Douglas Elliman. \u201cWe\u2019re trying to stay calm and pray for the best that it doesn\u2019t happen.\u201d<\/p>\n<p class=\"css-ac37hb evys1bk0\">The city has seen a steep increase in extremely high-priced apartments, while many low-cost units have disappeared. Over a 30-year period ending in 2023, New York lost more than 600,000 units with rents of $1,500 or less and a net increase of about 75,000 units with rents of $5,000 or more, according to city data. (The figures were adjusted for inflation.)<\/p>\n<p class=\"css-ac37hb evys1bk0\">Thousands of those apartments have absentee owners. They are on display in the city\u2019s night skyline of darkened supertall towers with multimillion dollar apartments belonging to residents who are there only a few days or weeks a year.<\/p>\n<p class=\"css-ac37hb evys1bk0\">In the mayor\u2019s social media video, which had more than 45 million views on X as of Friday evening, Mr. Mamdani looked up at the apartment building on Central Park South where the hedge fund billionaire Ken Griffin owns a penthouse he bought for $238 million. Under the pied-\u00e0-terre plan, it most likely would be subject to more taxes.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Mr. Griffin did not return a call for comment, but another billionaire financier, Bill Ackman, defended him <a class=\"css-yywogo\" href=\"https:\/\/x.com\/BillAckman\/status\/2044793786178449696\" title=\"\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">on social media<\/a> saying Mr. Griffin should be applauded for spending money in the city.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cThe Ken Griffins of the world make NYC high end development viable, driving high-paying construction, brokerage, legal, marketing and other jobs in NYC,\u201d he wrote in a post on X.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Mr. Ackman complained the mayor\u2019s policies will hurt the very constituencies he\u2019s trying to help.<\/p>\n<p class=\"css-ac37hb evys1bk0\">Earlier this week a team of workers in Carhartt jeans was furiously polishing the braided, brushed-metal handles of the door to Mr. Griffin\u2019s building as an impeccably coifed woman passed by, pushing a small dog in a pale pink quilted stroller.<\/p>\n<p class=\"css-ac37hb evys1bk0\">A few blocks away on 57th Street, Brendan Feehan, a building superintendent, was posted at a podium, greeting anyone who entered. He shrugged as he watched people walking by with shiny Gucci shopping bags slung over their shoulders and fancy watches dangling from their wrists. He believes everyone eventually benefits from the wealthy.<\/p>\n<p class=\"css-ac37hb evys1bk0\">\u201cThey pay taxes \u2014 a lot more than I do,\u201d he said. \u201cThe reason I\u2019m working is that someone has a billion dollars.\u201d<\/p>\n<p class=\"css-1n7yjps etfikam0\">Mihir Zaveri contributed reporting.<\/p>\n","protected":false},"excerpt":{"rendered":"Mayor Zohran Mamdani stood in front of a camera along one of New York City\u2019s most exclusive strips&hellip;\n","protected":false},"author":2,"featured_media":204110,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[80727,80728,1670,10868,31318,1445,9,24,55,54,56,7754,578,80344,5288,1446],"class_list":{"0":"post-204109","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-billionaires-row-manhattan","9":"tag-central-park-south-manhattan","10":"tag-high-net-worth-individuals","11":"tag-income-inequality","12":"tag-luxury-goods-and-services","13":"tag-mamdani","14":"tag-new-york","15":"tag-new-york-city","16":"tag-new-york-city-headlines","17":"tag-new-york-city-news","18":"tag-ny","19":"tag-property-taxes","20":"tag-real-estate-and-housing-residential","21":"tag-second-homes-and-non-primary-residences","22":"tag-taxation","23":"tag-zohran"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/204109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=204109"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/204109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/204110"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=204109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=204109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=204109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}