Dimon Blasts NYC $5 Million Home Tax as Lawmakers Near June 3 Vote

1 articles · Updated · Forbes · May 29

Jamie Dimon called Zohran Mamdani’s tax plans “embarrassing” on Fox Business, urging New York not to “raise more taxes or spend more money” days before state lawmakers vote on the package.
June 3 is the key date for a budget vote that includes a pied-à-terre tax, with a 0.8% to 1.3% surcharge on secondary single-family homes worth $5 million or more and 4% to 6.5% on second co-ops and condos over $1 million.
Mamdani has pitched the levy as a way to tax wealthy owners who park money in New York real estate without living there, and Gov. Kathy Hochul has backed it as a measure that could raise $500 million.
Dimon said his recent meeting with Mamdani was pleasant and offered help, but warned the mayor now oversees a city with 300,000 employees and said ideology can derail practical administration.
The fight follows Mamdani’s abandoned 9.5% property-tax increase and has already drawn opposition from billionaire Ken Griffin and President Donald Trump.

Will NYC's new tax on luxury second homes fix its budget or simply drive the wealthy away?

Does the new tax fix inequality or sidestep the core issue of a broken property valuation system?