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flag NYC and NY state propose $500M annual tax on expensive nonresident second homes.

flag New York City Mayor Zohran Mamdani and Gov. flag Kathy Hochul propose a $500 million annual tax on second homes valued over $5 million owned by nonresidents. flag The plan aims to close a budget gap and fund affordable housing, though challenges remain regarding enforcement and the measure's ability to impact the housing market.

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