According to the Financial Times, New York’s new mayor, Mamdani, is pushing ahead with plans to raise taxes on millionaires despite warnings that the wealthy may leave the city. Deputy Mayor-elect Dean Fuleihan acknowledged that “new taxes” are needed to balance the budget and fulfill Mamdani’s costly campaign promises, but he dismissed concerns that the wealthy would flee New York due to the increased tax burden. He stated, “It is those who cannot afford the cost of living who are leaving New York, not the millionaire class.” Mamdani has pledged to raise the city’s personal income tax rate by 2 percentage points on income exceeding $1 million annually, bringing it to approximately 5.9%, and to increase the top corporate tax rate from 7.25% to 11.5%—matching the rate in neighboring New Jersey. The additional revenue would fund an ambitious social agenda, including universal free childcare (estimated to cost $6 billion annually), free public transit, publicly owned grocery stores, and the construction of 200,000 units of affordable housing over the next 10 years.