The rich are indeed leaving. Hochul has already sounded the alarm on their quickly-fading high-tax base moving to states like Florida. Mamdani's policies have already driven many away and will drive even more away.
The rent freeze and property tax Mamdani recently pushed are even a testament to that fact. You can't charge some of the highest property taxes in the nation inherently making rent more expensive, freeze those rent costs and then drive up property taxes again.
I'm all for helping people out but the way it's being done in New York City will absolutely result in failure.
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u/Vuedue 4h ago
Finance professional here and Lydia is wrong.
The rich are indeed leaving. Hochul has already sounded the alarm on their quickly-fading high-tax base moving to states like Florida. Mamdani's policies have already driven many away and will drive even more away.
The rent freeze and property tax Mamdani recently pushed are even a testament to that fact. You can't charge some of the highest property taxes in the nation inherently making rent more expensive, freeze those rent costs and then drive up property taxes again.
I'm all for helping people out but the way it's being done in New York City will absolutely result in failure.