Billionaire investor Bill Ackman is joining the backlash against New York’s proposed pied-à-terre tax, arguing that wealthy part-time residents and major employers help sustain the city’s economy rather than drain it. His comments come as Gov. Kathy Hochul backs a new surcharge on second homes in New York City valued at $5 million and up, a proposal that supporters say would raise revenue from ultra-wealthy property owners and critics say could drive investment away.
Full words of Bill Ackman:
“Non-residents who spend millions of dollars on NYC apartments help drive NYC’s economy. Most of the profit in condominium development is in the penthouses. The Ken Griffins of the world make NYC high end development viable, driving high-paying construction, brokerage, legal, marketing, and other jobs in NYC. We should be applauding Ken for spending $238 million in NYC, not attacking him for doing so.
Importantly, non-resident owners of NYC apartments who leave their apartments vacant for much of the year are not a burden to NYC schools, services, or other resources while they drive growth in retail sales, restaurants, theater, and other important drivers of our economy. They also often support NYC non-profits with donations.
Ken’s company is a major employer in NYC of very high paying jobs which drive a considerable amount of our tax base. We wouldn’t want him to move even more employees to Miami.
These non-resident owners also already pay a lot of taxes including mansion taxes, real estate taxes, sales taxes and more.
While Mayor Mamdani likes the tag line “Tax the rich.” Unfortunately, his policies will harm the constituencies he is supposedly trying to help.
I can’t imagine the NYC construction unions are excited about his plan.”
Ackman is in response to the below video of Mamdani railing on Ken Griffin, who will likely take his money and taxes to Florida instead of Mamdani’s ridiculous policies in New York.
Happy Tax Day, New York. We’re taxing the rich. pic.twitter.com/Wky2LFXC9W
— Mayor Zohran Kwame Mamdani (@NYCMayor) April 15, 2026
