NYC business leaders alarmed by Mamdani's pied-à-terre tax and public naming scheme

Mayor Zohran Mamdani has pushed a controversial pied-à-terre tax aimed at wealthy out-of-state owners of second homes, despite their existing tax contributions. To enforce the policy, his office published a list identifying individuals subject to the levy, a step that business leaders say amounts to public shaming. Steve Fulop, president of the Partnership for New York City, warned that the naming could make targeted people feel unsafe and may prompt them to relocate, harming the city’s tax base.

Fulop is quietly assembling a plan to back political candidates who will oppose the Democratic Socialists of America’s influence on city policy. High-profile names such as billionaire Ken Griffin have already been featured in Mamdani’s promotional video, raising concerns about security costs. The episode underscores growing friction between the mayor’s progressive agenda and the city’s business establishment, which fears rising taxes and regulatory pressure could drive capital out of New York.