Opinion

MARK PENN: Socialist Mamdani sold a tax on billionaires. Regulars homeowners could pay the price

Gotta love whoever pulled this French name into implying New York City's pied-a-terre tax would fall on just a few very rich people

By Mark Penn Fox News

Published August 4, 2026 7:00am EDT

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NYC pied-à-terre tax will trigger capital flight, Bill Ackman warns

‘Mornings with Maria’ panelists discuss Bill Ackman's warning that the new NYC pied-à-terre tax will lead to capital flight and lower overall tax revenues as wealthy residents flee luxury properties.

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It sounded simple and even kind of warmly populist in nature — a small tax on "pied-à-terre" properties in New York City. But the more you dig into it, as with all things from Mayor Zohran Mamdani, the more you see it as part of a far more devious plan that could destabilize the New York City housing market and cost middle-class people their homes and savings.

Gotta love whoever pulled this French name into implying the tax would just fall on a few very rich people — no more than 31,000. That was pure........

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