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NYC Mayor Backs New Tax on Luxury Second Homes
New York City Mayor Zoran Mamdani is backing a new 'pied-à-terre' tax on luxury properties owned by non-residents. The annual fee targets homes worth over $5 million, aiming to generate $500 million and affect 13,000 properties. This move is seen as a political win for the mayor and a way to raise revenue from the ultra-wealthy.