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Hochul-Mamdani pied-à-terre folly shows it never stops at ‘tax the rich’

Don’t say we didn’t warn you: “Tax the rich” always moves past “the rich” real fast.

It’s happening with Gov. Kathy Hochul and Mayor Zohran Mamdani’s new pied-à-terre tax before they’ve even figured out how to make it work (if they even can).

They announced it as a surtax on 13,000 uber-wealthy nonresident NYC owners of second homes worth $5 million or more.

Weeks later, Hochul’s office on Thursday suddenly “explained” that this actually means it could hit condos and co-ops with assessed values starting at just $1 million — far below what lots of units close for when sold.

The dynamic duo is only certain the scheme will bring in $500 million a year for the city; indeed, everything else about how the tax is to work seems........

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