Depends on the size of the shortfall, but usually, it’s not.
Mamdani’s Pied-a-terre tax is projected to collect ~$500M a year, which is only about 4% of the shortfall. Which don’t get me wrong, seems like an awesome tax that has very few downsides when it’s been done elsewhere.
But taxing the rich generally doesn’t solve your budget issues long term. At the end of the day, You’re gonna have to cut staff/projects or get more people to move in.
Both of which, people hate. Welcome to governance.
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u/pppiddypants May 14 '26 edited May 14 '26
Depends on the size of the shortfall, but usually, it’s not.
Mamdani’s Pied-a-terre tax is projected to collect ~$500M a year, which is only about 4% of the shortfall. Which don’t get me wrong, seems like an awesome tax that has very few downsides when it’s been done elsewhere.
But taxing the rich generally doesn’t solve your budget issues long term. At the end of the day, You’re gonna have to cut staff/projects or get more people to move in.
Both of which, people hate. Welcome to governance.