Trump Seeks Federal Block on NYC $5 Million Pied-à-Terre Tax

3 articles · Updated · CNBC · Aug 11

Trump said Tuesday he is exploring whether the federal government can stop New York City’s new tax on nonprimary homes, calling the levy a “disaster” that “must be stopped.”
The move follows a Staten Island judge’s temporary block Monday on city actions tied to the tax, but New York City quickly sought appeal, triggering an automatic stay that pauses enforcement of that order.
Mamdani says the surcharge on secondary homes worth more than $5 million will fund streets and schools, while the broader policy raises taxes on second properties valued at $1 million or more.
Revenue estimates have already narrowed: Mamdani projected $500 million, while Comptroller Mark Levine later put the likely annual take at $340 million to $380 million.
The fight has become a wider test of New York’s push to tax wealthy property owners more heavily, amid disputed claims that higher taxes will drive residents and investment out of the city.