New Delhi, April 16 -- New York City Mayor Zohran Kwame Mamdani on Wednesday released a video confirming that his government is introducing pied-a-tierre tax. NYC just passed the tax plan which aims to target the wealthiest Americans owning luxury secondary residences in the city. He shared the announcement through a post a social media post.

Taking to Instagram, Zohran Mamdani said, Well, today we're taxing. I'm thrilled to announce we've secured a pied-a-tierre tax, the first in New York's history. This is an annual fee on luxury properties worth more than $5 million whose owners do not live full time in the city."

Zohran Mamdani during his election campaign said that he will impose a 2% tax rate on the wealthiest 1% of New Yorkers wh...