NYC Mayor Mamdani's Got A New Way To Tax The Ultra Rich

New York City Mayor Zohran Mamdani just hit his first 100 days in office, and he shows no signs of letting up.

His latest mission is to close NYC’s budget gap, and in order to do that, he wants to tax the rich and their pied-à-terres. The term is basically French for unused second homes, and Mamdani proposed that any uber-rich New Yorker who’s got one worth $5 million or more get hit with a yearly tax surcharge.

The rates or tiers of the proposed new tax haven haven’t been revealed yet, but it’s expected to generate upwards of $500 million a year and reduce the gap between the city’s revenue and its spending.

Mamdani’s boss, Governor Kathy Hochul, is spearheading the movement and says it’s vital given that she’s investing an additonal $1.7 billion in increased funding for universal child care.

“New York City is the greatest city in the world, and the people who call it home should not be left carrying the burden alone,” Governor Hochul said. “As Governor, I understand the importance of stabilizing the city’s finances without compromising on essential services New Yorkers count on.”

Hochul’s point is clear: “If 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.”

As for Mamdani, his entire administration is behind the ultra-rich paying their share, which ultimately benefits the average New Yorker. 

“Thanks to the support of Governor Hochul, we are one step closer to balancing our budget by taxing the ultra-wealthy and global elites with a pied-à-terre tax — the first of its kind in our state. Alongside the governor, our administration is fighting every day to make sure we address this fiscal deficit fairly, where the wealthy contribute what they owe and our budget reflects our commitment to the working New Yorkers being priced out of our city.”

For some reason, MAGA is irate over Mamdani’s idea. See social media’s reaction below.