Zohran Mamdani Ate The Rich :( New York City Mayor Zohran Mamdani, with support from Gov. Kathy Hochul, has announced a new ‘pied-à-terre’ tax on properties valued at $5 million or more that are not primary residences. This tax, estimated to generate $500 million annually, is intended to fund universal childcare and other cost-of-living support for city residents. While not the ‘millionaire tax’ Mamdani initially proposed, it’s seen as a step towards taxing the wealthy and has garnered significant public support.

• New York City will implement a ‘pied-à-terre’ tax on properties worth $5 million or more that are not primary residences.
• The tax is expected to generate approximately $500 million per year.
• Revenue will be used to fund universal child care and other cost-of-living assistance programs.
• The proposal has faced criticism from some wealthy individuals and politicians, who argue it will drive people out of the city.
• Supporters of the tax cite high public approval ratings and evidence from other states where similar taxes have not led to a decrease in wealthy residents.
• Previous attempts at a pied-à-terre tax have been hindered by real estate industry lobbying.