Regardless of one's stance on Mamdani's politics this entire "how will NYC survive without the billionaires???" talk all over the news and social media has been exhausting. No, NYC isn't standing today because of the grace of a few dozen ultra rich individuals. They can all leave tomorrow, and the city will be perfectly fine. And we all know they won't, because no matter how much they shout otherwise on social media these people love the culture and convenience of liberal cities. The majority of Republican politicans, donors, CEOs and "influencers" wouldn't survive a day in the "middle America" they claim to embody.
Better the billionaires leave and the city adapts(like building housing on their abandoned property) if you ask me
Why would their property be abandoned? It won't be abandoned in any legal sense; it will either be sold, retained, or seized.
Selling it would mean you pay taxes. Retaining it you pay taxes. It's probably not going to be seized if you don't abandon it, it's not like it's a low income neighborhood in the way of a highway.
Billionaires didn't get to be billionaires by abandoning $10 million properties to avoid $1 million in taxes.