Tax Day usually brings a collective groan, but New York City Mayor Zohran Mamdani used April 15th to celebrate the fulfillment of a massive campaign promise. Taking to X (formerly Twitter) to share a video message, Mamdani announced a major legislative victory that working-class New Yorkers have been waiting to hear: the city is officially taxing the rich.
“When I ran for mayor, I said I was going to tax the rich. Well, today, we’re taxing her,” Mamdani declared.
In the video, the mayor enthusiastically announced that the city has secured a historic “pied-à-terre tax”—the very first of its kind in New York’s history.
Mamdani: When I ran for mayor, I said I was going to tax the rich
— Acyn (@Acyn) April 15, 2026
⁰Well, today we're taxing the rich… pic.twitter.com/eh5qnq4XUZ
This new tax levies an annual fee on luxury properties valued at more than $5 million, specifically targeting owners who do not live in the city full-time. To illustrate exactly who this tax will impact, Mamdani pointed to a towering example: a lavish penthouse purchased for an eye-watering $238 million by hedge fund CEO Ken Griffin.
The legislation is explicitly designed to target the absolute richest of the rich, billionaires and ultra-wealthy investors who use New York City real estate as a lucrative place to park their wealth, rather than a place to actually live.
Mamdani pointed out the stark reality of the city’s housing market: many of these opulent, multi-million-dollar units sit completely empty for most of the year. Meanwhile, absentee owners continue to reap massive financial rewards simply by holding property in what Mamdani proudly called “the greatest city in the world.”
“This is a fundamentally unfair system that hurts working New Yorkers,” Mamdani explained in the video. “Now, it’s coming to an end.”
The financial impact of the new tax is expected to be massive. According to the mayor, the pied-à-terre tax will generate at least $500 million in direct revenue for New York City. Rather than getting lost in bureaucratic red tape, Mamdani noted that this massive influx of funding will be pumped straight back into the community to support essential everyday needs.
The $500 million will help fund several critical initiatives for the city. Specifically, the revenue will be used to provide free childcare for families and support cleaner streets and sanitation efforts. Additionally, the funding will go toward creating safer neighborhoods across the boroughs.
“As mayor, I believe everyone has a role to play in contributing to our city,” Mamdani stated as the video concluded. Adding a pointed caveat, he noted, “And some—a little bit more than others.”
With a cheerful “Happy Tax Day, New York,” Mamdani signed off, ringing in an April 15th that everyday New Yorkers can finally celebrate.
