New York City Moves to Tax Luxury Second Homes

Mayor Mamdani's plan targets pied-à-terre properties worth $5M or more as inequality tensions rise

Apr. 19, 2026 at 10:05am

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New York City Mayor Zohran Mamdani has announced a new plan to tax multimillion-dollar pied-à-terre properties, tapping into a growing anti-rich sentiment in the city. The proposal, backed by Governor Kathy Hochul, comes as doormen and superintendents threaten to strike and the mayor plans to skip the elite Met Gala, signaling rising frustration over inequality in the city.

Why it matters

New York has seen a steep increase in extremely high-priced apartments, while many low-cost units have disappeared. This has fueled a growing anti-rich current, with residents marching in 'eat-the-rich' protests and the election of Mayor Mamdani, who ran on an affordability platform. The new pied-à-terre tax is the latest move to address this inequality.

The details

Mayor Mamdani announced the new tax plan, which would target second homes with assessed values of $5 million or more. This comes on the same day that Governor Hochul proposed a similar pied-à-terre tax. Meanwhile, doormen, superintendents, and others who typically earn $62,000 a year have threatened to go on strike, and the mayor has confirmed he and his wife will snub the elite Met Gala, an annual display of wealth and celebrity.

  • On April 19, 2026, Mayor Mamdani announced the new pied-à-terre tax plan.
  • Also on April 19, 2026, Governor Hochul proposed a pied-à-terre tax.
  • On April 20, 2026, doormen and superintendents threatened to strike.
  • On April 21, 2026, Mayor Mamdani confirmed he and his wife would skip the Met Gala.

The players

Zohran Mamdani

The mayor of New York City who ran on an affordability platform and has proposed a new tax on luxury second homes.

Kathy Hochul

The governor of New York who has proposed a pied-à-terre tax similar to the mayor's plan.

Brad Hoylman-Sigal

The Manhattan borough president who previously proposed a pied-à-terre tax as a state senator 12 years ago.

Jade Chan

A high-end real estate broker for Douglas Elliman who is concerned about the potential impact of the new tax.

Marissa Thompson

An assistant professor of sociology and co-director of the Center for the Study of Wealth and Inequality at Columbia University.

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What they’re saying

“Today, we're taxing the rich.”

— Zohran Mamdani, Mayor of New York City

“The natural reaction is to have a kind of freak out moment. We're trying to stay calm and pray for the best that it doesn't happen.”

— Jade Chan, High-end real estate broker

“In New York we all live together. You have much more class overlap than in other places. All of that has come to a crescendo. People are feeling the squeeze of inequality.”

— Marissa Thompson, Assistant professor of sociology

What’s next

The judge in the case will decide on Tuesday whether or not to allow the pied-à-terre tax to move forward.

The takeaway

This case highlights the growing tensions over inequality in New York City, with the mayor and governor taking aim at the ultra-wealthy's luxury second homes as a symbol of the city's widening wealth gap.