Featured Image Credit: Ryan Murphy / Stringer via Getty
New York's Mayor Zohran Mamdani is hammering home the message of 'tax the rich', with a major bill landing on the doorstep of the White House and potentially costing the president millions. More than just Donald Trump's golfing buddies being hit hard in the pocket due to their fancy New York residences, the POTUS himself could be about to feel the pinch thanks to Mayor Mamdani's controversial legislation.
President Donald Trump has already shown he's no fan of Zohran Mamdani, and while campaigning in 2025, referred to him as a "100% communist lunatic.” Trump called for voters to side with independent candidate Andrew Cuomo and claimed that Mamdani is a “complete and total economic and social disaster." While his views seemed to briefly soften and the Commander-in-Chief eventually said he realized he had more in common with the NYC mayor than he first thought, their relationship has once again soured. Hmmm, we wonder if a massive tax bill appearing on the president's desk could have anything to do with it?
One of Mamdani's big promises was that he'd put the 1% in his crosshairs and levy an increased city tax. Joined by and state governor Kathy Hochul, the pair are now pushing through a pied-à-terre (second home) tax that will target around 13,000 residences that are considered homes by the ultra-wealthy. This is looking to raise $500 million a year for the city. President Trump has decried the news, taking to Truth Social to vent about how the mayor is 'destroying' New York: "Sadly, Mayor Mamdani is DESTROYING New York.
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“It has no chance! The United States of America should not contribute to its failure. It will only get WORSE. The TAX, TAX, TAX Policies are SO WRONG.”
Sayign that people are ‘fleeing’ the city, Trump concluded: “They must change their ways, AND FAST. History has proven, THIS ‘STUFF’ JUST DOESN’T WORK.”
It's not just Trump up in arms, with hedge fund billionaire Daniel Loeb accusing Mamdani of "stirring up class warfare" and 'doxxing' investor Ken Griffin when his $238 million penthouse was included in a video announcing the changes. After making major donations against Mamdani in the run-up to the election, an angry Loeb took to X to write: "You can’t tax a city into prosperity and you don’t attract capital by demonising philanthropists."
While President Trump might've enjoyed something of a tax break by declaring his infamous Mar-a-Lago residence as his primary, Mamdani's pied-à-terre is destined to catch up with him. The savvy Trump is said to have avoided New York's high state income tax thanks to Mar-a-Lago, but as Mamdani is specifically tackling non-residents in his bill, the fact that Trump is legally a Florida resident means his multi-million dollar penthouse in Trump Tower could cost him dearly. There's been much debate about what the penthouse is worth, and although the most conservative estimates list it at just $65 million, Trump might regret once claiming it's worth over $200 million.
Although being the President of the United States comes with plenty of perks, a local property tax exemption on private luxury real estate isn't one you get to enjoy while sitting in the Oval Office.
It is possible that Trump could use a loophole to get around Mamdani's bill, especially if he uses a primary residence flip and claims Trump Tower as his main home. Still, New York City and State income taxes are sure to be much higher than his impending pied-à-terre surcharge.
Some properties that are rented out for a certain number of days a year are exempt, but again, Trump's penthouse is a private residence with tight security that would be a logistical nightmare to rent out. Finally, his lawyers could argue the Trump Tower penthouse is a secure site needed for national security, potentially classifying it as a government-adjacent facility. Again, this seems like an unlikely legal battle.
There were wild claims that Mamdani wanted to turn Trump Tower into a healthcare facility, and while that was just ridiculous internet rumors, there's a sense of irony that the president's New York residence could be putting some serious dollars back into the healthcare system.
