Tipsheet

NYC Is Going to Lose Billions Thanks to Mamdani's Tax-the-Rich Scheme

Amy Curtis
Amy Curtis  |  July 14, 2026 7:30 AM

At the end of June, a study warned that New York City could lose billions thanks to Democratic Socialist Mayor Zohran Mamdani and his tax-the-rich scheme. The first pied-à-terre tax notices went out last month, too, and rents, which Mamdani said he was freezing, just hit all-time highs.

Now, a study shows that NYC has already lost the $12 billion earlier predictions said it would lose, and millionaires are making a mass exodus from the Big Apple.

Here's more:

New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.

The study released Monday by the Citizen Budget Commisison comes amid fears that socialist Mayor Zohran Mamdani’s push to “tax the rich” will drive even more wealthy taxpayers and their businesses out of New York City.

Even before Mamdani took office, the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state, according to the CBC’s Competitive NYS: Value Proposition Tracker dashboard.

“New York’s declining share of high-income taxpayers has meaningful consequences,” the analysis states.

This always happens, of course. Democrats gain power, vowing to tax the rich and redistribute the wealth, and the rich pack up and leave for friendlier states, taking all their money with them.

Then tax revenues actually go down, social programs struggle, and things are worse off than they were before.

Wash, rinse, repeat.

Mamdani doubled down on the plan, because socialists have one agenda: taking your money.

"I've been very clear about the fact that we live in the wealthiest city in the wealthiest country in the world, and it's unacceptable that one in four New Yorkers are living in poverty," Mamdani said. "We believe the wealthiest can do a little bit more to make sure that everyone can afford to live here, and the little bit more, you know, when we're talking about a pied-à-terre tax on non-resident New Yorkers' secondary homes that are worth more than $5 million. I think that that's common sense, I think most New Yorkers feel the same way, and I look forward to continuing to advance a vision of our city that has room for everyone."

Except for Little Italy, right?

Mamdani himself said communism 'fixed' NYC's budget deficit. Spoiler alert: it didn't. Albany bailed out the city, and the city postponed payments to the city employees' retirement fund (which will cause its own problems down the road).

Would not be surprised if this was the plan.

And you always run out of other people's money.