New York’s newest scheme to tax the rich is an economic disaster

New York Gov. Kathy Hochul (D) is going all in on taxing the rich.The governor recently proposed a new pied-à-terre tax as a matter of “fairness.” The tax, which would affect nonresident owners of high-end New York City properties, is a surprising reversal in support of a tax proposal by New York City Mayor Zohran Mamdani (D). Hochul had previously rejected the proposal. While the rhetoric around this tax may resonate politically, the policy itself is a textbook case of how populist tax schemes...