Mamdani’s tax the rich slogan is ‘just as hateful’ as racial slurs, New York real estate titan says

May 7, 2026 - 02:37

A New York real estate billionaire has sparked controversy by comparing Mayor Zohran Mamdani's "tax the rich" campaign slogan to racial slurs, calling it equally hateful. The developer, a titan in the city's luxury housing market, made the remarks during a heated interview on a local radio program, where he argued that targeting wealthy homeowners with higher taxes on second properties amounts to class warfare.

Mamdani, a progressive Democrat who took office earlier this year, has proposed a steep surcharge on residential properties valued over $5 million that are not primary residences. The plan aims to generate billions for public housing and subway repairs. But the real estate executive insisted that the rhetoric behind the policy is dangerous. "When you say 'tax the rich,' you are dehumanizing a group of people based on their success," he said. "It is just as hateful as any racial slur. It divides the city."

The comparison drew immediate backlash from housing advocates and city council members, who accused the developer of deflecting from a serious policy debate. "Calling a tax proposal hate speech is a deliberate attempt to silence working families," said one council member. "No one is attacking anyone's identity. We are asking the wealthiest to pay their fair share."

Mamdani's office declined to comment directly on the developer's remarks but reiterated that the mayor's proposal is about closing a loophole that allows millionaires to avoid contributing to the city's infrastructure. The debate highlights the growing tension between New York's ultra-wealthy and a city government desperate for revenue. Polls show mixed support for the tax, with some residents worried it could drive wealthy taxpayers out of the state.