President Donald Trump said Tuesday that he is reviewing whether the federal government has authority to intervene in New York City’s new tax on high-value second homes.
In a Truth Social post, Trump said the tax would raise less than New York loses when people leave, while Florida, Texas and other states benefit. He provided no supporting figures and identified no statute, agency or legal theory for federal intervention.
The New York City Department of Finance says the surcharge applies to non-primary residences valued at $5 million or more for one- to three-family homes and at least $1 million for condominiums and cooperative units.
Mayor Zohran Mamdani and Gov. Kathy Hochul backed the measure as a way to close the city’s budget shortfall. Hochul estimated it would raise at least $500 million annually; the first bills are due Jan. 1, 2027.
State Supreme Court Justice Wayne Ozzi issued a temporary restraining order Monday over the rollout. The city appealed, automatically staying the order, WABC reported.
Trump also criticized congestion pricing. The MTA says passenger vehicles entering Manhattan at or below 60th Street pay $9 at peak times. It continues collecting tolls while challenging the federal government in court.
This is a developing story. Virginia Times will update as information becomes available.
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