We’re 116 days into the Mamdani administration, and although there has been some foreshadowing of what the next four years will look like, the state government’s imminent adoption of a pied-à-terre tax is really the first salvo in the inevitable class struggle in the city.
Gov. Kathy Hochul found an elegant and smart solution to the ongoing debate about whether we should tax the wealthy to provide essential services to the city and to plug the upcoming $5.4 billion gap in the city budget.
The tax on second homes worth more than $5 million will only affect about 13,000 non-voting homeowners who have decided to invest in New York real estate and leave those apartments largely unused for most of the year…