Mamdani proposes luxury home tax

The proposal has sparked an immediate backlash from business leaders and Wall Street executives, who argue the tax will drive wealthy residents out of the city.

Mayor Mamdani defended the plan on Tax Day, using a viral Mario Kart-themed video to explain how the revenue would fund childcare and public services.

The tax would apply to roughly 12,000 luxury apartments, potentially generating hundreds of millions of dollars annually.

President Trump criticized the move, claiming Mamdani is 'destroying New York' with policies that discourage investment.