Remember when “experts” said they’d all leave NYC if Mamdani put on his Pied-a-terre Tax? The result was that more of them actually moved TO NYC.
Actually they didn’t. Most of them had other homes in states with no property taxes, and they called THAT their primary residence, instead of NYC, where they’d have to pay State and City taxes. Most of them didn’t want to leave NYC, so they just owned up to the fact that their NYC home was their primary residence, and now they’ll have to pay a tiny bit of tax.
They could always do that, but given a choice, they’d rather not. Mamdani just removed the choice.
Remember when “experts” said they’d all leave NYC if Mamdani put on his Pied-a-terre Tax? The result was that more of them actually moved TO NYC.
Actually they didn’t. Most of them had other homes in states with no property taxes, and they called THAT their primary residence, instead of NYC, where they’d have to pay State and City taxes. Most of them didn’t want to leave NYC, so they just owned up to the fact that their NYC home was their primary residence, and now they’ll have to pay a tiny bit of tax.
They could always do that, but given a choice, they’d rather not. Mamdani just removed the choice.