@_BrandonH2@jayski I see that. Good for now as long as its raining. I was pointing out that they planned on putting in behind a $20/month paywall. Keep that up and I’ll find a different hobby.
Mayor Mamdani is pumped about the pied-a-tierre tax, arguing that it "targets ultrawealthy out-of-city residents and global elites who use New York City real estate as a vehicle for wealth storage rather than as homes."
If the goal is to discourage rich non-residents who want to own homes in NYC, this is coherent. And the proposal does fit the left-Trumpist sensibility of the mayor's (not huge) base, so there's that.
As a way out of NYC's fiscal challenges, however, it is almost certainly counterproductive.
Consider that while the owners of pied-a-tierres pay property and transfer taxes, they don’t consume taxpayer services. It's hard to dispute that the net fiscal impact of pied-a-tierres is positive.
Tax something, get less of it. In this case, we’ll presumably have fewer absentee property owners bidding up property values for $5M+ homes. That, of course, will dampen valuations, which in turn will dampen property and transfer tax revenues. (Notably, while building more housing will tend to lower valuations of individual units, it would tend to increase overall property tax revenues.)
The next step will be lowering the threshold from $5M to $1M and so on.
Two possibilities: Hochul and Mamdani understand this, but they’ve backed themselves into a corner and concluded that this is the best of a series of bad alternatives. Or they don’t understand this, which would be even more worrisome.
@PolitiBunny@WelbornBeege If they all have provided testimony under oath, why are people searching through obscure e-mails to see who are the offenders? Why haven’t we seen the testimony?
@RubenGallego The FCC has zero power over newspapers and cable news networks. I hope the FCC takes no action against broadcast networks. They would lose in court. I hope you have this same opinion when the next administration creates another misinformation department.