Trump Attacks Pied-à-Terre Tax
Trump publicly attacked the pied-à-terre tax in early May, calling it "communist" and warning Mamdani against attempting to tax his Trump Tower triplex. The tax officially passed both Albany houses late Wed May 27 as part of the $268.5B FY27 budget: 4% on properties $1-3M, 5.25% on $3-5M, 6.5% on $5M+. Estimated $500M annual revenue. Condos and co-ops over $1M subject to the tax in tax years 2026-27 and 2027-28. Griffin's 220 CPS penthouse tax bill rises from $858K to ~$1.87M.
[Update Thu Jun 4 EOD]: Trump and Mamdani both expected to attend Knicks Game 3 at MSG Mon Jun 8 — first co-event since inauguration (Fox 5, Just Jared). Mamdani: "I'll be in a different section." First in-arena pied-à-terre / tax / 34th-St-busway test in the new Trump-vs-Mamdani vs Sliwa election cycle. Game 3 follows Game 2 in San Antonio Fri Jun 5; Knicks lead 1-0 after Brunson 30-pt comeback Wed Jun 3.
A pied-à-terre tax on luxury second homes worth $5M+ polls at 93% approval and targets non-residents who use city services without contributing. Trump's pushback confirms it's targeting the right people.
Trump's federal attention turns a local tax policy into a national flashpoint, giving conservative media a megaphone to amplify capital-flight narratives that could unsettle Albany partners at a critical budget moment.