A newly proposed tax on high-value second homes in New York City is quickly becoming a flashpoint in the state’s broader debate over wealth, investment and how to close the city’s growing budget gap.

The proposal, backed by Gov. Kathy Hochul and praised by Mayor Zohran Mamdani, would place an annual surcharge on secondary residences in the city valued at $5 million or more. Supporters argue the measure would require owners of ultra-luxury properties that sit largely unused to contribute more toward public services at a time when city finances are under pressure.

The plan is being framed by its backers as a way to raise substantial revenue without increasing taxes on primary residences or broadening the burden to working- and middle-class New Yorkers. City officials have also tied the measure to efforts to preserve core services and fund priorities such as child care and other affordability programs.

After that, the article starts complaining that rich people are sad or whatever, so I won't even link it, but it's great to see mamdani doing some good basics!