A New York condo sold for $238 million, but the city assessed it at just $15.5 million. Mayor Zohran Mamdani has framed his new pied-à-terre tax as a way to “tax the rich,” but a recent article by Ken Girardin, “The Sheer Absurdity of New York’s Pied-à-Terre Tax,” argues that the bigger problem sits underneath it. Chuck Marohn talks with Urban Three founder Joe Minicozzi and land economist Lars Doucet about how classifications, assessment caps, and decades of special rules can shift the tax burden away from high-value property. If the system is already distorted, does adding another tax make it fairer or just harder to fix?
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