Amid billionaire exodus, NYC's Mamdani tells $5M homeowners: Check your mail New York City's Mayor Zohran Mamdani is pushing through a new tax on expensive second homes, despite the ongoing departure of wealthy residents from the city.
This move comes as no surprise, given the chronic financial struggles plaguing the Big Apple. Manhattan lost a staggering $922 million in adjusted gross income between 2022 and 2023, according to IRS data.
Many high income taxpayers opted for lower tax states like Florida and Texas. Queens and the Bronx also suffered significant outflows, with net losses of over 17,000 and 16,000 tax filers respectively.