Mamdani starts taxing the rich, introduces pied-à-tierre tax on wealthiest New Yorkers

New York Mayor Zohran Mamdani has begun taxing the wealthiest people in the city by introducing a pied-à-terre tax, which will be applicable to homes valued over $5 million that their owners don't occupy. The new tax is expected to hit 13,000 housing units and collect $500 million (₹4,700 crore). Pied-à-terre is a small home used for occasional, part-time lodging.