April 17, 2026
Zohran Mamdani Ate The Rich :(
Don't worry, they were murdered but they got better.
TL;DR
- New York City will implement a 'pied-à-terre' tax on properties worth $5 million or more that are not primary residences.
- The tax is expected to generate approximately $500 million per year.
- Revenue will be used to fund universal child care and other cost-of-living assistance programs.
- The proposal has faced criticism from some wealthy individuals and politicians, who argue it will drive people out of the city.
- Supporters of the tax cite high public approval ratings and evidence from other states where similar taxes have not led to a decrease in wealthy residents.
- Previous attempts at a pied-à-terre tax have been hindered by real estate industry lobbying.