MARK PENN: Socialist Mamdani sold a tax on billionaires. Regulars homeowners could pay the price

A proposed property tax in New York City would apply to residential units valued above $5 million, according to advocates' descriptions of the measure. The tax could affect approximately 900,000 to 1 million residential units in the city, including condominiums and co-ops, based on property value assessments. Supporters framed the tax as targeting expensive properties, while critics argued it would reduce condo values and affect middle-income homeowners with high-value units in certain neighborhoods.

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