Mamdani's Pied-à-Terre Tax Proposal

The proposal has drawn sharp criticism from the real estate industry and some wealthy residents, who argue it will drive investment out of the city.

Mamdani has defended the plan as a necessary measure to address the 'affordability crunch' squeezing middle-class New Yorkers.

However, experts are divided on the tax's effectiveness, citing potential issues with L.L.C. ownership and market distortion.

The plan also includes a controversial $70 million allocation to finance government-run supermarkets, a move critics have labeled as 'Mamdani's folly.'