NYC Mayor Mamdani calls threat of rich people leaving NYC over taxes ‘imagined’
New York City Mayor Zohran Mamdani claimed on Wednesday that threats of the city’s wealthiest residents leaving the city over high taxes were “imagined.”
Mamdani held a Tax Day public forum with economists Gabriel Zucman and Joseph Stiglitz to discuss his plans to further tax the rich, starting with a new tax on luxury properties valued at $5 million or more.
“For all of the discussion of the imagined exodus that would take place were we to tax the wealthiest New Yorkers by the appropriate amount—I say imagined because before I was a mayor I was a state legislator and I was part of an effort to increase taxes on millionaires at that time—we were told the same thing then—and what we find now is that we have more millionaires today than we did at that time even after having passed that tax,” Mamdani said.
Mamdani acknowledged New York City losing many of its residents in recent years, pointing out that the city lost 200,000 Black residents between 2000 and 2020. However, he claimed that this was an “exodus” of working-class people who can no longer afford to live there.
“And so for all of that conversation about this imagined exodus, we have to reckon with the very real exodus that we are seeing in the city, an exodus of working-class people, an exodus of those who cannot afford to live here and for many who work here who now find their residence in Jersey City or in Connecticut or in Pennsylvania, anywhere else where their dollar can go a little bit further,” Mamdani said.
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During the forum, Mamdani also highlighted his past campaign goals for free busing, universal childcare and five city-run grocery stores.
Though Mamdani was able to launch a universal childcare program within his first 100 days in office, he has yet to deliver on his plans for free busing or a city-run grocery store. The first of the proposed grocery stores is currently slated to open in late 2027.
Fox News Digital reached out to the mayor’s office for comment.
Mamdani’s comments came in stark contrast to previous ones made by New York Gov. Kathy Hochul, who encouraged wealthy former state residents to move back and support social programs.
“There are some patriotic millionaires who stepped up. OK, cut me the checks. If you want to be supportive — but maybe the first step should be [to] go down to Palm Beach and see who you can bring back home, because our tax has been eroded,” Hochul said last month.
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