New York wants to tax empty second homes. Here's what happened in cities that tried it.

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Mayor Zohran Mamdani is gearing up to tax the rich — if they live elsewhere but own multimillion-dollar properties in New York City. Mamdani and New York Gov. Kathy Hochul announced a proposal last week to tax pieds-à-terre — homes owned by people with primary residence outside the city — worth over $5 million. Hochul estimates it could raise $500 million in revenue annually, helping to close the city's budget gap and funding new affordability measures. The proposal has already invoked