NYC Mayor Zohran Mamdani announced a proposed annual tax on second homes worth $5 million or more as part of his tax-the-wealthy agenda, calling it a key step toward closing the city's budget gap. The proposal has support from economists like Gabriel Zucman, who pushed back against claims it will drive wealthy people from New York, but has drawn criticism from President Trump who claims it will harm the city. The reporting is straightforward — it captures Mamdani's framing and intent, though it doesn't deeply explore the economic debate about whether such taxes actually work or risk capital flight.