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Realtors fighting tax on rich absentee owners

Proposed measure would raise US$665m every year with surcharge on properties valued at over US$5m

Mayor de Blasio - who has called income inequality a defining issue and has already lost one fight over raising taxes on the wealthy - said he's considering the proposal and remains undecided.

New York

A POLITICAL battle is brewing at the apex of New York's property market.

The real estate industry is mobilising to kill a proposed levy on non-resident owners of apartments valued at more than US$5 million, seeking to ensure the world's biggest city doesn't follow London,