New York state lawmakers are expected to place a new tax on luxury second homes in New York City, appeasing Mayor Zohran Mamdani and his progressive base as he moves to fund his ambitious agenda on the backs of the rich.
Critics, including prominent business leaders, Republicans, and some moderate Democrats, have warned that slapping new taxes on rich people who maintain apartments and townhouses in New York, but don’t consider it their primary home, will just lead the very wealthy to abandon the city.
Prove it. Show me data where this has ever happened. People talk about the wealthy taking their ball and leaving when taxes like this are suggested, but places like NYC have way more to offer than just low taxes that keep the wealthy there. There’s a lot of room in that cost-benefit analysis for the city to raise taxes.
Prove it. Show me data where this has ever happened. People talk about the wealthy taking their ball and leaving when taxes like this are suggested, but places like NYC have way more to offer than just low taxes that keep the wealthy there. There’s a lot of room in that cost-benefit analysis for the city to raise taxes.