Richard Epstein examines New York City's proposed "pied-à-terre tax," which targets non-primary residences but threatens middle-class and working homeowners. Epstein argues the tax is unfairly structured, hitting condominiums at five times the rate of hou

Richard Epstein examines New York City's proposed "pied-à-terre tax," which targets non-primary residences but threatens middle-class and working homeowners. Epstein argues the tax is unfairly structured, hitting condominiums at five times the rate of houses. The complex valuation process creates a "vicious circle" that could plummet property values. Consequently, wealthy residents are already fleeing, resulting in a $12 billion annual revenue loss for the city. (3)
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