Mamdani's "tax the rich" proposal.

On Wednesday, April 15, New York City Mayor Zohran Mamdani (D) and New York Gov. Kathy Hochul (D) proposed a pied-à-terre tax, an annual surcharge on New York City residences valued above $5 million owned by those who primarily live outside the city. Mamdani and Hochul claim the measure would raise $500 million in annual revenue to help address the city’s budget shortfall; if enacted, it would be the first pied-à-terre tax in New York’s history. 

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