New York City has a new tax, but its fiscal problems run much deeper.
On the “From the Swamp to the States” podcast, ATR’s Doug Kellogg sits down with Manhattan Institute fellow Ken Girardin to break down NYC’s new pied-à-terre tax and what it could mean for property owners, the real estate market, and the city’s finances.
They dig into New York City’s rising spending, postponed pension costs, its dysfunctional property tax system, and the growing pressure for higher taxes. Ken also explains why New York’s reliance on high earners and Wall Street revenue could leave the city and state facing difficult choices in the next economic downturn.
Plus, they discuss whether higher corporate and income taxes could push future jobs and investment toward states like Texas and Florida.