New York mayor’s policy set to generate revenue and address housing crisis despite outcry in some quarters
New York City’s introduction of a pied-à-terre tax has provided fodder for Zohran Mamdani’s critics, who accuse the democratic socialist mayor of attacking the rich – even as others welcome it as a much-needed effort to tax the wealthy in a city known for its yawning inequality and cost-of-living crisis.
The tax, aimed at closing the city’s budget gap, covers people who own but do not live full-time in a house worth more than $5m or a condominium or cooperative unit worth at least $1m.
Continue reading...This article was originally published by The Guardian and written by Eric Berger in New York.
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