New Yorkers Flee as Hochul Unveils New Property Taxes to Pay for Mamdani's Pricey Social Programs
New York Democratic Gov. Kathy Hochul unveiled a new tax policy targeting the second homes of her constituents as residents of the Empire State are already fleeing elsewhere.
The new proposal is meant to close the budget gap created by New York City Democratic Mayor Zohran Mamdani and his social programs.
The so-called “pied-à-terre tax” would be “an annual surcharge on residential properties in New York City that are not occupied as a primary residence” if the value is $5 million or more.
The levy would ensure “those that own luxury homes, but do not live in the City or pay City income tax are still fairly contributing” to the Big Apple’s coffers.
Gov. Kathy Hochul (D) complains that wealthy people are ABANDONING New York for Republican states like Florida and Texas to avoid oppressive taxes that fund her “generous” social programs
She’s PISSED they are no longer “captives” in her state.pic.twitter.com/FRgdpF1ey0
— Libs of TikTok (@libsoftiktok) March 18, 2026
Beyond not applying to primary residences, the tax would not be imposed if the properties are “not rented to a primary resident or occupied by the owner’s family.”
“If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker,” Hochul said.
The policy is aimed at “non-New York City residents” and is seeking to avoid new taxes for “every day New Yorkers.”
Mamdani also commended the policy.
“Thanks to the support of Governor Hochul, we are one step closer to balancing our budget by taxing the ultra-wealthy and global elites with a pied-à-terre tax — the first of its kind in our state,” he said.
“Alongside the governor, our administration is fighting every day to make sure we address this fiscal deficit fairly, where the wealthy contribute what they owe and our budget reflects our commitment to the working New Yorkers being priced out of our city.”
As Mamdani and Hochul seek to fund the 34-year-old democratic socialist mayor’s spending agenda, they are facing the constant threat of wealthy taxpayers fleeing New York.
Some have indicated a willingness to relocate to Florida, Tennessee, and other states — many of which are led by Republicans — that do not have aggressive tax systems aimed at wealthy households.
Hochul has even pleaded with such residents to stay despite the high taxes, as noted in a report from Fox Business last month.
“There are some patriotic millionaires who stepped up,” she said.
Hochul asked such millionaires to bring back others who have already fled.
“If you want to be supportive — but maybe the first step should be, go down to Palm Beach and see who you can bring back home, because our tax has been eroded.”
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