Amid billionaire exodus, NYC's Mamdani tells $5M homeowners: Check your mail

New York City's mayor is implementing a new tax on expensive second homes. This tax aims to fund essential public services across the city. The city is currently experiencing an outflow of high-income residents to other states. Meanwhile, major companies like Airbnb are expanding their presence in New York City. These developments highlight ongoing economic shifts within the metropolitan area.

By TOI TECH DESK