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New York real estate titan likens the phrase ‘tax the rich’ to racial slurs

New York City billionaire and Vornado Realty Trust CEO Steve Roth stated during a company quarterly earnings call that the phrase 'tax the rich' is as hateful as racial slurs, criticizing New York Mayor Zohran Mamdani's newly announced pied-à-terre tax on second homes worth more than $5 million. Mamdani's press secretary responded that the tax reform is necessary to address a broken tax system that disadvantages working New Yorkers, while Roth acknowledged Mamdani's leadership potential and expressed hope he would prioritize growing the tax base over raising taxes.