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Hochul and Mamdani still can’t figure out how — or if — the pied-à-terre tax scheme even works

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Call it the pied-à-terre surprise: Gov. Kathy Hochul’s office is still figuring out how her gift to Mayor Zohran Mamdani will actually work.

That’s one problem with a levy made up to fit a headline (“make the rich pay”) and a revenue figure ($500 million a year), with zero regard for making any sense.

Most of Hochul’s multibillion-dollar bribe to Mamdani was simply permission to borrow unwisely by deferring pension-fund contributions, plus some direct state spending; the pied-à-terre tax was mostly about the symbolism.

That is, it let him make that nasty video outside Ken Griffin’s home, so the mayor could assure his core voters he was hitting fat cats even if Hochul wouldn’t buy his dreams of income- and corporate-tax hikes. 

Nobody thought about complications, such as how it could leave co-op boards on the hook while they try to........

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