Nassau County Executive Bruce Blakeman, the Republican challenging New York Gov. Kathy Hochul (D-N.Y.) in the gubernatorial race, aimed at Hochul and New York City Mayor Zohran Kwame Mamdani on Sunday, arguing their tax policies could make it harder for New Yorkers to pass family wealth to future generations.
In a post on X accompanied by a video, Blakeman said Hochul and Mamdani want to increase the number of people subject to what he described as an “inheritance tax,” arguing that families could ultimately be forced to sell homes, farms or businesses to cover tax bills.
“Family farms, small businesses, and family homes shouldn’t have to be sold just to pay another tax,” Blakeman wrote.
Tax Fight
In the accompanying video, Blakeman argued that New Yorkers who spend their lives building equity in businesses, farms or homes could have greater difficulty leaving those assets to their children and grandchildren.
“When you die, your family farm, your family business, or your family home will have to be sold to be able to pay the tax,” Blakeman said. “That’s just wrong. When I become governor, I will stop it.”
His criticism comes as Hochul and Mamdani have backed higher taxes on some wealthy property owners. New York has begun notifying owners of luxury second homes about its new pied-à-terre tax, which applies to certain non-primary residences and is expected to generate about $500 million for New York City. Hochul endorsed the rollout, saying owners of “ultra-luxury second homes” should contribute more.
The second-home tax had already drawn resistance from wealthy property owners. Hochul previously said the proposal would affect around 13,000 properties, or roughly 0.4% of the city’s housing units, while Citadel founder Ken Griffin warned about investment shifting toward lower-tax markets.
Economic Divide
Citadel LLC founder and CEO Ken Griffin has separately criticized New York’s broader tax burden and Mamdani’s economic agenda, pointing to Citadel’s expansion in Miami and arguing that businesses are receiving inadequate services relative to the taxes they pay. Citadel has also warned it could reconsider its involvement in a planned $6 billion redevelopment project in New York.
Blakeman and Hochul have also clashed over economic policy beyond taxes. Blakeman opposed Hochul’s move to pause approvals for large data centers consuming 50 megawatts or more, arguing local governments should determine whether projects move forward based on their economic benefits.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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