NYC's plan to tax luxury second homes, explained

NYC Mayor Zohran Mamdani and Gov. Kathy Hochul proposed a new tax on Wednesday. Anadolu/Anadolu via Getty Images Gov. Kathy Hochul and Mayor Zohran Mamdani proposed a new tax on wealthy second-homeowners. The tax is expected to generate $500 millon in annual revenue. NYC's comptroller forecast a $2.2 billion budget shortfall in 2026. New York City Mayor Zohran Mamdani is following through on one of his most divisive campaign promises: tax the rich. Mamdani and Gov. Kathy Hochul introduced a...