No one will be shocked to learn that New York City Mayor Zohran Mamdani's pied-a-terre tax is more expansive than he let on. Mamdani said the tax only applied to wealthy people who owned secondary homes in the Big Apple that are worth more than $5 million.
But if you read the actual tax, that $5 million value only applied to one-, two-, and three-family homes. Condos and co-op units that are secondary homes are also taxed, and starting at a value of $1 million, or more.
That explains why there are 31,000 properties subject to the tax.
HOLDUP. Zohran’s tax applies to >$1M+ for condos and co-ops?! I thought it was for >$5M.
— Dylan Yen (@dylanypyen) July 27, 2026
no wonder there are that many.
holy rug pull Batman.
This is going to be very interesting. https://t.co/cUinDLWbXD https://t.co/J8uYjaohx3 pic.twitter.com/oy7vrZQAmo
You get the government you vote for, sometimes good and hard.
$40K in additional property taxes for a shoebox apartment. Oof. pic.twitter.com/7eFJuZ6avb
— Dylan Yen (@dylanypyen) July 28, 2026
There are going to be a lot of very unhappy rich people and a lot of seized properties. Which was the goal.
Socialists lie. What do you expect.
— 1967mustangman (@1967mustangman) July 28, 2026
No one is surprised by that. And when these properties cannot be taxed anymore, the tax will trickle down to all homeowners.
You'll own nothing.
Soooo…when you inherit from mom, you are forced to sell mom’s house or pay the sky high tax?
— Beverly A. Pekala (@PekalaLaw) July 28, 2026
Yes.
Turns out Mamdani's wealth tax applies to any home over a million -- in a city where the average home costs $823,251.
— Peter St Onge, Ph.D. (@profstonge) July 28, 2026
Taxing billionaires comes at ya fast 😂 https://t.co/A708uY8LbO pic.twitter.com/zrYowqRtgn
Good luck, NYC.
This is a definite rug pull. $1m coops and condos are basically your average pied a terre owned by an older professional, not something owned by the super wealthy https://t.co/qLlepD69Hj
— constans (@constans) July 28, 2026
Socialist tax schemes always hit everyone.
Wait, does this include condos and co-ops that are being rented too? That would completely destroy the rental market! https://t.co/b5ybLODWED
— NickFrank40 (@NickyFrank30) July 28, 2026
The destruction is the point.
Socialists have one goal: the destruction of society. That means no property ownership, no wealth, no freedom. The warmth of collectivism means you are all equally poor, oppressed, and crushed under the heel of the government.
Editor’s Note: New York City is now facing the consequences of Mayor Zohran Mamdani’s socialist takeover.
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