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Story summary
- New York Governor Kathy Hochul and Mayor Zohran Mamdani propose a pied-à-terre tax on luxury second homes over $5 million.
- The tax would raise at least $500 million annually to help close the city’s $5.4 billion deficit.
- It targets non-residents who own these properties, framing the wealthy as funding city services without harming full-time residents.
- The proposal still requires legislative approval.
