NYC Is Going to Lose Billions Thanks to Mamdani's Tax-the-Rich Scheme

At the end of June, a study warned that New York City could lose billions thanks to Democratic Socialist Mayor Zohran Mamdani and his tax-the-rich scheme. The first pied-à-terre tax notices went out last month, too, and rents, which Mamdani said he was freezing, just hit all-time highs.

Now, a study shows that NYC has already lost the $12 billion earlier predictions said it would lose, and millionaires are making a mass exodus from the Big Apple.

🚨 WOW! New Yorkers are stunned after a major new report just found NYC has hemorrhaged $11 BILLION DOLLARS in lost tax revenue across just one year — NYP

That's caused by an exodus of millionaires...

...the SAME PEOPLE Ugandan Commie Mayor Mamdani is actively PUSHING OUT as we… pic.twitter.com/Tn4oID8TQT
— Eric Daugherty (@EricLDaugh) July 13, 2026

Here's more:

New York’s share of US millionaires dramatically declined in recent years, causing a nearly $11 billion loss in much-needed tax revenue in just one year, according to a bombshell new analysis.
The study released Monday by the Citizen Budget Commisison comes amid fears that socialist Mayor Zohran Mamdani’s push to “tax the rich” will drive even more wealthy taxpayers and their businesses out of New York City.
Even before Mamdani took office, the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state, according to the CBC’s Competitive NYS: Value Proposition Tracker dashboard.
“New York’s declining share of high-income taxpayers has meaningful consequences,” the analysis states.

This always happens, of course. Democrats gain power, vowing to tax the rich and redistribute the wealth, and the rich pack up and leave for friendlier states, taking all their money with them.

"I've been very clear about the fact that we live in the wealthiest city in the wealthiest country in the world, and it's unacceptable that one in four New Yorkers are living in poverty," Mamdani said. "We believe the wealthiest can do a little bit more to make sure that everyone can afford to live here, and the little bit more, you know, when we're talking about a pied-à-terre tax on non-resident New Yorkers' secondary homes that are worth more than $5 million. I think that that's common sense, I think most New Yorkers feel the same way, and I look forward to continuing to advance a vision of our city that has room for everyone."

Except for Little Italy, right?

WAIT, WAIT, WAIT, ERIC…

I was told communism was the solution to everything.

I was told Zohran was the greatest mayor alive, the budget was perfectly balanced, and no bailout would ever be needed.

I was told we could endlessly punish the people who build businesses, create…
— Matt Van Swol (@mattvanswol) July 13, 2026

Mamdani himself said communism 'fixed' NYC's budget deficit. Spoiler alert: it didn't. Albany bailed out the city, and the city postponed payments to the city employees' retirement fund (which will cause its own problems down the road).

That is his plan
Destroy the city and create white flight out
property values drop
Then he invites his MUSLIM HEATHEN friends and family INTO NEW YORK TO BUY CHEAP REAL ESTATE AND TAKE IT OVER https://t.co/kkoXtInwCw
— Jackson2244 (@PatriotWoman22) July 13, 2026

Would not be surprised if this was the plan.

Socialism is great until you run out of other people's money https://t.co/9IvZvPk1IN
— CrazySanMan (@CrazySanMan) July 14, 2026

And you always run out of other people's money.

Editor’s Note: New York City is now facing the consequences of Mayor Zohran Mamdani’s socialist takeover.

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