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Mamdani says he's 'confident' NYC will collect $500 million with pied-à-terre tax
By
Elizabeth Kim
and
David Brand
Published Oct 29, 2026 at 1:30 p.m. ET
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By
Elizabeth Kim
and
David Brand
Published Oct 29, 2026 at 1:30 p.m. ET
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Mayor Zohran Mamdani said he’s “confident” that New York City can collect $500 million through a new tax on pricey second homes, even as thousands of properties have been exempted.
“I know that there's a number of legal challenges, as there always are, when you seek to raise revenue to make a city a better place,” Mamdani said during an interview on Thursday with WNYC’s Brigid Bergin for the political pop-up show “Who’s Running This Place?”
The pied-à-terre tax, which the mayor touted as a fulfillment of his campaign pledge to tax the rich, is currently facing three separate legal challenges.
On Wednesday, city lawyers sparred with attorneys representing landlords who claim the tax's rollout caused “mass confusion” and should be restarted. In a separate complaint, billionaire casino mogul Steve Wynn and former Trump Commerce Secretary Wilbur Ross say the state law discriminates against wealthy nonresidents.
The city’s Department of Finance granted more than 8,800 of the roughly 11,000 exemption applications, according to figures provided by City Hall. The exemptions mean fewer than 9,000 properties are subject to the tax. Those figures have led some experts to question whether the city will collect the $500 million Mamdani projected will come from the tax.
In April, city Comptroller Mark Levine estimated the tax would generate only up to $380 million from roughly 11,200 homes.
Attorney Ben Williams, who leads the property tax department at the law firm Rosenberg & Estis, noted that the city hasn’t budged from its projection despite the rising number of exempted properties.
“No matter what the numbers are, the city says, ‘We’re confident we’ll hit the $500 million,’” Williams said. “I am curious if they don’t hit the target, if they’ll just raise the tax rate in the future.”
During the roughly 30-minute interview, Mamdani also spoke about clashes between federal immigration agents and New Yorkers. Earlier this month, U.S. Immigration and Customs Enforcement agents shot 28-year-old Oscar Belgal. The Marble Hill resident is currently being held at a federal jail in Brooklyn.
Mamdani said he was still having ongoing conversations with President Donald Trump and U.S. Secretary of Homeland Security Markwayne Mullin.
“My demand to the president and to Secretary Mullin was not simply a demand around Oscar's case specifically,” the mayor said. “It was to end ICE operations in our city.”
The shooting marked a major escalation of Trump’s immigration crackdown in New York City. It also marked a turning point in the mayor’s relationship with the New York City chapter of the Democratic Socialists of America. In response to scenes of police officers tussling with protesters, the DSA pressured Mamdani to fire Police Commissioner Jessica Tisch. The organization accused the NYPD of colluding with ICE.
In the interview, Mamdani said he and Tisch have spoken about ensuring that the city complies with its sanctuary laws, which limit cooperation and information sharing with federal immigration agents.
“That's something that we both take seriously and are delivering on,” Mamdani said.
The mayor also addressed the recent criticism over his education agenda and concerns that he has a racial blind spot when it comes to the Black community. His Schools Chancellor Kamar Samuels was booed last week by parents and students who saw a lack of urgency in delivering plans to integrate the school system.
New York City has one of the most segregated school systems in the country. During his mayoral campaign, Mamdani promised to address the long-standing racial inequities. But 10 months into office, he has yet to articulate a clear plan and vision for K-12 education.
“One of the things that was most exciting to me in selecting our chancellor to be our chancellor was his distillation of his agenda as one to transform our city's public schools into ones that are safe, rigorous and integrated,” Mamdani said. “And that to me is a north star that we have to deliver on all of those fronts.”
He added that he did not begrudge New Yorkers frustrated with his administration.
The mayor, who has been campaigning with Gov. Kathy Hochul, had a few barbs for her Republican rival Bruce Blakeman, the Nassau County executive. Blakeman has vowed to cancel the pied-à-terre tax as part of his campaign platform, arguing that the surcharge discourages investment in the city.
“What we're speaking about is, again, a surcharge on secondary homes worth more than $5 million, and the money that will come from that will be used to make our streets safer, our schools stronger,” Mamdani said.
He then added: “I know that that is still offensive to someone like Bruce Blakeman.”
In response to a clip of Blakeman attacking him, the mayor laughed and said, “He must have prepared for that one. He's been going at it in the mirror.”
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new york city
Elizabeth Kim
Elizabeth Kim is a reporter on the People and Power desk who covers mayoral power. She previously covered the pandemic, housing, redevelopment and public spaces. A native of Queens, she speaks fluent Mandarin. Got a tip? Email [email protected]
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David Brand
David is a reporter covering housing for Gothamist and WNYC. Got a tip? Email [email protected] or Signal 908-310-3960.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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