Trump warns new Hochul, Mamdani pied-à-terre tax could accelerate NYC wealth exodus - Fox Business

President Trump criticized New York City's new pied-à-terre tax in a Truth Social post, arguing the surcharge could ultimately cost the city and state more than it raises by prompting wealthy property owners to relocate to lower-tax states like Florida and Texas.
Trump characterized the policy as a dangerous political "experiment" and claimed tens of thousands of people are fleeing New York, benefiting other states financially.
The president said his administration is examining whether the federal government has legal authority to intervene, though he did not specify what federal law or executive power could be used to challenge a city tax.
The White House did not immediately respond to FOX Business' request for details on what federal action the administration might be considering.
Trump's remarks followed a New York judge temporarily restraining Mayor Zohran Mamdani's administration from advancing parts of the tax rollout after three homeowners filed a lawsuit challenging how the city implemented the surcharge.
The pied-à-terre tax is a surcharge on high-value residential properties that are not the owner's primary residence, with the legal challenge heard by Staten Island Supreme Court Justice Wayne, per the report.