Another Mamdani win!
This kind of tax is better than nothing but seems a lot easier to skirt around than Mamdani’s proposal. I’d rather a tax hike on corporations that want to continue operating out of new york (what are they gonna do? Move to NJ??) than a tax hike on multimillionaires Bill and Jane who can easily sell their $5M second home from upstate NY and buy one in CT.
Selling their second home in NY (presumably to someone who will use it as their primary residence) is a win. NY has a housing avilability problem. Stopping people asset squatting is one of the main points for a tax like this, not a failure.
Also any first home worth more than $500k
Fuck you. If you can afford that, you can afford a tax hike. Go cry to your co-op board.
Thats literally every home in the city ezcept maybe some studios
Hell that’s most of the houses in my neighborhood and I’m in downtown Little Rock Arkansas. $500k home is not what it once was. If a house should be 3 to 5 times your salary, then a family of two incomes making $50k each are at home there. Not exactly Rothschilds.
I live in Seattle and you can’t get anything habitable for under 700k, and that’s maaybe.
I’m three hours north of the city, and $500k is still a tight budget unless you want to live ultra-rural.
In some areas the cheapest homes are more than that. If people are scraping to afford any home they can adding a tax could be pretty damaging.
A better policy would peg the tax to some percentile of home values to target only the wealthy.
