NYC Mayor Zohran Mamdani, who campaigned on taxing the rich, announced April 15 that Gov. Kathy Hochul's new pied-à-terre tax is doing exactly that. The tax targets secondary residences worth over $5 million and is expected to generate at least $500 million annually for the city's budget. Though Hochul still opposes the two broader tax increases Mamdani wanted—income and corporate taxes—this marks a significant shift in her previous resistance to raising taxes on the wealthy.