Mayor Zohran Mamdani arrives to deliver his 100 Days Address, a speech dedicated to outlining the progress made on his core campaign promises since taking office, in Queens, New York City, U.S., April 12, 2026. REUTERS/David 'Dee' Delgado
(New York, New York) – Billionaire Ken Griffin is again at the center of New York’s luxury-property tax fight as Mayor Zohran Mamdani’s pied-a-terre plan moves through the political conversation. The proposal is designed to raise money from expensive second homes owned by people who do not primarily live in the city.
Mamdani and Governor Kathy Hochul have framed the tax as a way to make global wealth help pay for local services. Critics argue it could punish high-end real estate, chill luxury sales and push wealthy property owners to look elsewhere.
Griffin’s Midtown penthouse has become the shorthand example because of its record-setting purchase price and symbolic value. The broader business question is whether New York can target ultra-luxury real estate without shaking confidence in one of the city’s most visible markets.
