A cornerstone of New York City Mayor Zohran Mamdani’s platform (1) that resonated especially well with young constituents and newcomers (2) was his vow to make life in the metropolis more affordable, in part by taxing the rich — a promise he’s now carrying out with a controversial pied-à-terre levy, the first in New York state history.
Formally proposed on April 15 (3), the tax targets the owners of properties worth $5-million and up who do not use said properties as their primary residence, a group Mamdani and NY Gov. Kathy Hochul generalize as “out-of-city residents and global elites who use New York City real estate as a vehicle for wealth storage rather than as homes.” They estimate (4) that the measure could garner a hefty $500 million per year for the city.
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A video announcing the move, made in the characteristic social media-savvy style that earned the mayor so many votes (5), has garnered significant buzz and support, amassing 33.6 million views and 3.1 million likes — the most of any of his posts, it appears — at the time of writing (6).
But, there have also been some criticisms of the leader’s efforts to make the wealthy “pay their fair share,” which some, including Shark Tank star Kevin O’Leary, feel are misguided (7).
‘How stupid a tax is this?’
O’Leary took to his own social accounts to disparage the new fee as the “stupidest” he’s seen…