While some New Yorkers see their fortunes rise, most aren’t getting a cut, as the cost of food, rent, and other necessities climbs faster than their salaries can keep up. City Comptroller Mark Levine released a report this month confirming what many already suspected: the rich are getting richer fast, and the rest of the city is struggling to break even.

From 2019 to 2024, the bottom 90% of New Yorkers saw their incomes barely keep up with inflation, while two-thirds of real income growth flowed to the top 1%. As Levine put it, “New York City is generating enormous wealth, but the vast majority of that prosperity is flowing to those who already have the most.”

Lawmakers don’t need to worry about maintaining “competitive” tax rates for the rich — Levine’s report proves that they’re already thriving here. Instead, they should focus on raising the tax revenue we need to invest in affordability for everyone else.

Although some have argued that higher........

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