Zohran Mamdani, the new mayor of New York City, is pressing ahead with plans for higher taxes on millionaires, brushing off warnings they will trigger an exodus of the wealthy from America’s financial capital.
Dean Fuleihan, incoming deputy mayor, acknowledged that “new revenues” would be required to balance New York’s budget and deliver on Mamdani’s expensive election promises. But he dismissed fears that rich people would turn their backs on the city in protest at a potentially higher tax burden.
“The people who are leaving are those who can’t afford New York, not the millionaire class,” Fuleihan told the Financial Times. Most people understood that addressing its affordability crisis was “necessary for the business and the success of New York”, he added.