A time-honoured New York ritual is playing out again as millionaires and billionaires threaten to flee the global financial capital where they own luxurious second homes.
The latest breaking point for the penthouse set: Mayor Zohran Mamdani’s plan to tax their pieds-à-terre worth more than $5mn.
Yet for all the times wealthy New Yorkers have cried “Miami” over the Big Apple’s taxes, evidence of an exodus has been mixed.
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