‘Destroying New York’: Trump Slams Mayor Mamdani’s Tax Plan, Says It’ll Only Get Worse

Last Updated:April 17, 2026, 06:55 IST

Trump slams NYC Mayor Zohran Mamdani over proposed tax on secondary homes over 5 million, calling it ruinous.

US President Donald Trump on Friday hit out at New York City mayor Zohran Mamdani over his proposal to increase tax on secondary homes worth $5 million or more in the city, saying that it would ruin the city’s economy.

“Sadly, Mayor Mamdani is DESTROYING New York! It has no chance! The United States of America should not contribute to its failure. It will only get WORSE. The TAX, TAX, TAX Policies are SO WRONG," the US President said in a post on Truth Social.

“People are fleeing. They must change their ways, AND FAST. History has proven, THIS “STUFF" JUST DOESN’T WORK," he added.

Trump’s remarks came a day after the New York City mayor announced to introduce a pied-a-terre tax. NYC’s proposed tax plan aims to target the wealthiest Americans owning luxury secondary residences in the city. The measure is expected to raise up to $500 million for the city and will apply to individuals who do not reside full-time in New York but invest in its real estate market.

Defending the move, Mamdani described the tax as “specifically designed for the richest of the rich" and said it aims to address a “fundamentally unfair system that hurts working New Yorkers."

New York State Governor Kathy Hochul, who resisted Mamdani’s idea earlier, on Wednesday said that she will push to create a new tax on multimillion-dollar second homes in New York City. “As Governor, I understand the importance of stabilizing the city’s finances without compromising on essential services New Yorkers count on," AP quoted Hochul as saying.

What is pied-à-terre tax?

Mamdani, during his election campaign, vowed to impose a 2% tax rate on the wealthiest 1% of New Yorkers who earn more than $1 million every year if he came to power.

Nearly three months after taking office in January 2026, he announced a plan to introduce this tax. It will charge extra money every year on luxury second homes worth millions of dollars in New York. This tax plan is expected to be part of ongoing state budget negotiations and would levy a yearly surcharge on multi-million-dollar pied-à-terres.

According to this tax regime, houses valued at $5 million or more that are not owner-occupied will be targeted under this new tax regime. It is expected to affect 13,000 units in the five boroughs, the mayor said on Wednesday.

News world ‘Destroying New York’: Trump Slams Mayor Mamdani’s Tax Plan, Says It’ll Only Get Worse

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