Is Mamdani’s ‘Tax the Rich’ fight done?

Mayor Zohran Mamdani has conceded on his push for income and corporate tax increases, opting for a pied-à-terre tax that will generate $500 million in new annual revenue. This decision comes after Governor Kathy Hochul and legislators in Albany committed to enacting the tax as part of this year's state budget. The move may set the stage for future tax hikes in 2027.