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New York mayor Zohran Mamdani is being floated as a future president after pressing ahead with a new tax targeting ultra-wealthy property owners in New York City.
Under the proposal, homes valued at over $5 million where the owner does not live in New York full time would face significant tax charges. The policy targets luxury second homes and properties held purely as investments, and is expected to generate hundreds of millions of dollars each year.New York mayor Zohran Mamdani is being floated as a future president after pressing ahead with a new tax targeting ultra-wealthy property owners in New York City. Under the proposal, homes valued at over $5 million where the owner does not live in New York full time would face significant tax charges. The policy targets luxury second homes and properties held purely as investments, and is expected to generate hundreds of millions of dollars each year.
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