New York City Mayor Zohran Mamdani is throwing his support behind a proposed tax on ultra-wealthy individuals who own luxury second homes in the state. Governor Kathy Hochul's plan aims to target those with annual incomes exceeding $5 million, who would be subject to a new tax on their second homes. The proposed tax is expected to generate a staggering $500 million in revenue each year, which could be used to fund various public services and initiatives. As the city grapples with budget constraints and rising costs, the proposed tax has sparked debate among lawmakers and residents, with some hailing it as a necessary measure to address wealth inequality and others criticizing it as a burden on high-net-worth individuals.
NYC Mayor Zohran Mamdani celebrates Gov. Hochul's proposed tax on ultra-wealthy owners of luxury second homes, which is expected to raise $500 million a year.
