New York City's Mayor Zohran Mamdani and Gov. Kathy Hochul's proposal for a pied-à-terre tax in New York City could result in a wave of legal battles from wealthy New Yorkers to avoid new levies. The new tax on luxury second homes worth more than $5 million is expected to raise $500 million per year for the city's budget. However, experts have noted that there is a significant difference between NYC’s property assessment values and market values, which are typically higher than the assessment values produced by the city. The tax policy has been criticized by business leaders, including Citadel founder Ken Griffin and billionaire Bill Ackman, who believe it could lead to an exodus of wealth from the city and encourage more business to Florida.