NYC Mayor Mamdani Backs Tax on Ultra-Rich Second Homes, Targets Ken Griffin
New York City Mayor Zohran Mamdani has publicly endorsed Governor Kathy Hochul’s proposal to implement a new tax on ultra-wealthy second-home owners in New York City. The proposed legislation targets properties valued at over $5 million where the owner’s primary residence is outside the city. In a video released on social media, Mamdani specifically highlighted hedge fund CEO Ken Griffin’s $238 million penthouse as an example of the assets subject to this annual fee. The Mayor framed the initiative as a fulfillment of his campaign promise to increase taxes on the rich, aiming to rectify what he described as an unfair economic system. Officials estimate the tax could generate at least $500 million annually, with revenues designated for public services such as free childcare, street cleaning, and neighborhood safety improvements. While the proposal awaits approval from the state legislature, it underscores a broader political push to ensure billionaires and global elites contribute more to the city’s infrastructure. This move contrasts with trends of wealthy individuals relocating to low-tax states like Florida, where Griffin recently moved his firm’s headquarters.
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NYC Mayor Mamdani Backs Tax on Ultra-Rich Second Homes, Targets Ken Griffin
New York City Mayor Zohran Mamdani has publicly endorsed Governor Kathy Hochul’s proposal to implement a new tax on ultra-wealthy second-home owners in New York City. The proposed legislation targets properties valued at over $5 million where the owner’s primary residence is outside the city. In a video released on social media, Mamdani specifically highlighted hedge fund CEO Ken Griffin’s $238 million penthouse as an example of the assets subject to this annual fee. The Mayor framed the initiative as a fulfillment of his campaign promise to increase taxes on the rich, aiming to rectify what he described as an unfair economic system. Officials estimate the tax could generate at least $500 million annually, with revenues designated for public services such as free childcare, street cleaning, and neighborhood safety improvements. While the proposal awaits approval from the state legislature, it underscores a broader political push to ensure billionaires and global elites contribute more to the city’s infrastructure. This move contrasts with trends of wealthy individuals relocating to low-tax states like Florida, where Griffin recently moved his firm’s headquarters.
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