A Tempest in a Walk-In Closet

If you were trying to identify the spiciest policy affecting the fewest Americans, you’d struggle to do better than New York City’s pied-à-terre tax. This spring, Mayor Zohran Mamdani and Governor Kathy Hochul agreed on a plan to target extremely valuable homes. As of this fiscal year, homeowners will have to pay up to 6.5 percent tax on condos and co-ops assessed at more than $1 million; and up to 1.3 percent on multifamily houses assessed at more than $5 million. The out-of-town owners of a…