Mayor Zohran Mamdani and Governor Kathy Hochul unveiled a “pied‑à‑terre” levy on second homes over $5 million, to be folded into the spring state budget. Hedge‑fund billionaire Daniel Loeb slammed the measure on X, calling it class warfare and accusing the mayor of “doxxing” investor Ken Griffin, whose $238 million Manhattan penthouse appeared in the announcement video.

State officials project the tax could generate at least $500 million annually, a sum pitched to help close New York’s multibillion‑dollar budget gap. Critics worry the levy will deter affluent buyers, prompting them to shift spending to hotels or other locales, which could hurt jobs ranging from construction to housekeeping that depend on luxury‑home turnover. Real‑estate brokers report a spike in client inquiries since the proposal’s release.

Supporters such as billionaire Bill Ackman argued that Griffin’s $238 million outlay should be praised, not penalised, saying the tax would punish the capital that fuels the city’s service sector. Yet senior partners at local brokerages contend transaction volumes will stay steady, citing past “mansion tax” cycles that failed to curb sales. The debate centers on whether revenue goals outweigh shifts in luxury‑property demand.