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New York City Mayor Zohran Mamdani used Tax Day to announce a new fee targeting wealthy people who still linger in the city after moving their primary residences to other states.
The tax, called pied-à-terre (or “foot on the ground”) is designed to hit people who still maintain high-value properties in the city. It is a remarkably moronic effort to ensure that wealthy people cut all ties with the city. However, Gov. Kathy Hochul has yielded to the far left and joined the effort.
Mamdani, a socialist who supports the “decommodification” of private property, is seeking major tax increases, including a 10% property tax, to fund his pledges for free buses, city-run stores, and other policies.
He will need it. Mamdani not only recently admitted that he cannot fulfill his pledge for free buses this year, but that he will only build the first of five promise city-run stores next year at the cost of $30 million — almost half of what he set aside for all five promised stores.
Read more here.
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