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.
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.