Problems created by the pied-à-terre tax are popping up faster than they’re being solved.
You already know the tax was shoehorned into the state budget in mid April, two weeks after the budget was due, with no public vetting. Then the city rushed to implement it in a hopeless attempt to collect $500 million in 10 months.
You also know the politics: Mayor Zohran Mamdani needed to fulfill his “tax the rich” promise and balance his budget by July 1. Gov. Kathy Hochul wanted Mamdani’s help getting re-elected without raising taxes on voters. (The tax almost does that, except for New Yorkers with a $5 million non-primary home in the city.)…