NYC Mayor Mamdani says exodus of rich due to high taxes is ‘imaginary’ problem
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New York City Mayor Zohran Mamdani said Wednesday that “it is thought to be a threat to the wealthiest citizens leaving the city because of high taxes.”
Mamdani held a Tax Day public forum with economists Gabriel Zucman and Joseph Stiglitz to discuss his plans to further tax the wealthy, starting with a new tax on luxury estates worth $5 million or more.
“In all the discussion about immigration that was supposed to happen if we taxed the wealthiest New Yorkers the right amount – I say I think because before I became mayor I was a member of the legislature and I was part of the effort to raise taxes on millionaires at the time – we were told the same thing – and what we find now is that we have many billions today even after Madani said at the time.”
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New York City Mayor Zohran Mamdani held a Tax Day forum to discuss the new property tax on Wednesday. (AP Photo/Seth Wenig)
Mamdani admitted that New York City has lost many residents over the years, and pointed out that the city has lost 200,000 Black residents between 2000 and 2020. However, he said this is an “immigration” of people who are workers who can no longer live there.
So in all of that discussion about this perceived migration, we have to look at the real migration that we’re seeing in the city, the migration of working class people, the migration of those who can’t live here and the many who work here now who find their place of residence in Jersey City or Connecticut or Pennsylvania, wherever their dollar may go,” said Madani.
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During the forum, Mamdani also highlighted his previous campaign goals of free bus rides, universal childcare and five city-owned grocery stores.
New York City Mayor Zohran Mamdani proposed raising taxes to pay for other telecommunications programs. (Angelina Katsanis/AP)
Although Mamdani managed to introduce a universal childcare program in her first 100 days in office, she has yet to deliver on her plans for a free bus or a city-run grocery store. The first proposed grocery store is currently slated to open in late 2027.
Fox News Digital has reached out to the mayor’s office for comment.
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Mamdani’s comments were in stark contrast to what was previously said by New York Governor Kathy Hochul, who encouraged wealthy former residents to return and support welfare programs.
New York Gov. Kathy Hochul, left, has previously suggested that wealthy residents are needed back in her state in contrast to Mamdani’s request. (Victor J. Blue/Bloomberg via Getty Images; Alejandro Granadillo/AP)
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“There are patriotic millionaires who have stepped up. OK, cut me some checks. If you want to support me – but maybe the first step should be [to] go down to Palm Beach and see who you can bring home, because our taxes have been repealed,” Hochul said last month.
