The implementation of New York City Democratic Mayor Zohran Mamdani’s new pied-a-terre tax was ruled “arbitrary” and “capricious,” marking a major setback for the socialist official and his efforts to tax wealthy citizens.
Mamdani proposed the tax for homes worth at least $5 million, as well as co-ops and condos worth at least $1 million, if they are unoccupied non-primary residences.
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