Big Apple vs Pearl of the Orient? How higher taxes in New York may open door for Hong Kong
In FocusBig Apple vs Pearl of the Orient? How higher taxes in New York may open door for Hong Kong
Analysts say Hong Kong could benefit as New York’s tax debate prompts wealthy families to reassess their options
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On November 4 last year, Zohran Mamdani won the New York mayoral election on a promise to make the city more affordable, with expanded social programmes funded in part by raising taxes on the city’s wealthiest residents and most profitable corporations.
Nearly a year since his upset victory, he has secured one major piece of that agenda: a surcharge on high-end second homes. He also continues to push for higher corporate and income taxes.
The proposals have intensified criticism of Mamdani, a self-described democratic socialist, with opponents arguing that his approach to taxing the wealthy amounts to “socialism in action”.
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