'We're taxing the rich': NYC Mayor Mamdani touts new $500M-a-year tax on luxury second homes

New York City Mayor Zohran Mamdani and Governor Kathy Hochul announced a new $500 million annual tax on luxury second homes valued at $5 million or more, targeting non-resident ultra-wealthy individuals. The tax aims to fund city services like policing, parks, and free childcare, with Mamdani emphasizing it as a step toward fairness for working New Yorkers.