What to Know About Mamdani’s Second-Home Tax That Trump Says ‘Must Be Stopped’
President Donald Trump is among those who have criticized New York City’s ‘pied-à-terre’ tax.
President Donald Trump has launched a fierce attack on New York City's new tax on high-value second homes, calling it a "dangerous political experiment" that must be stopped. Trump, who owns a second home in New York City, argues that the tax, which takes effect in July 2026, could encourage wealthy property owners to leave the city for states with lower taxes.
The tax, implemented by Mayor Zohran Mamdani, is expected to generate at least $500 million per year, which could help close the city's $12 billion budget gap over the next two years. However, critics have raised concerns about the fairness of the tax, particularly the way the city has released a data set and sent letters to property owners informing them of their potential liability.
A group of homeowners has already sued the city over the tax, arguing that the city has "arbitrarily and capriciously foisted" the burden of proving they are not subject to the surcharge onto residents.
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