New York's socialist mayor is pushing new taxes on the wealthy, which critics say will drive money and jobs out of the city.

• Mamdani wants to tax owners of second homes worth over $5 million, aiming to pull about $500 million a year from roughly 13,000 people.
• Critics say this pushes rich residents, businesses, and construction and real estate jobs out of the city, hurting property values.
• Bernie Sanders pointed to soaring billionaire wealth while the federal minimum wage stayed flat at $7.25 since 2009 to argue for a raise.
• The counterpoint: only about 79,000 Americans actually earn $7.25 an hour, mostly young workers in rural areas, so a minimum wage hike mainly squeezes small businesses, not billionaires.
• Polls show most Democrats now view socialism favorably, but independents strongly reject it, which could hurt Democrats in general elections.

Outlook: Expect more fights over taxing the wealthy as socialist candidates like Mamdani and AOC gain influence, with affordability shaping the next elections.