With a new tax proposal, the threat of a building workers’ strike and Mayor Zohran Mamdani’s shunning of the Met Gala, the city’s wealth gap was on full display.

New York Gov. Kathy Hochul announced in April 2026 a plan to add a yearly surcharge on second homes in New York City valued at $5 million or more. The proposal targets homes that are not a primary residence.

Donald Trump is not happy, and his criticism is sharp. As reported by Forbes, he wrote: “The TAX, TAX, TAX Policies are SO WRONG,” accusing city leaders of pushing policies that could undermine economic confidence.

New York City is once again showing the rest of the country that it is, in fact, possible to tax the wealthiest people in America.

The proposed pied-à-terre tax would affect wealthy residents who own secondary properties in New York City valued over $5 million but live elsewhere.

Mayor Zohran Mamdani and President Donald Trump have kept a sometimes-tense relationship despite political differences.

Proposed second-home tax on New York City luxury units is a gamble that the ultrawealthy won’t race for the exit.

New York City's proposed pied-à-terre tax targets billionaires like Jeff Bezos and Ken Griffin with luxury second homes.