this post was submitted on 16 May 2026
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What is this pied a terre tax if not a tax on the rich?
It's true that there are about $500 million dollars that will come from a pied-à-terre tax on second homes, which effectively is a tax on the rich.
It's also true that billions of dollars (i.e. considerably more than $500 million) come from deferring pension fund payments, which is generally a bad thing that kicks the can down the road and is not what Mamdani campaigned on.
He campaigned on things like corporate tax hikes and additional taxes on the rich far beyond the pied-à-terre tax. To date, these have not materialized.
I like the guy, and I hope he starts actually doing the things, but we need to hold politicians accountable when they don't do what they said they would do. If he weren't a socialist, he wouldn't be getting a pass here.
He's got plenty of time to turn it around, but as it stands, I don't find it controversial to say the reporting on this budget has been a bit more spin than win.
The massive deficit was straight up caused by a vindictive Cuomo who intentionally fucked the budget just before leaving office.
Have some damn perspective and maybe keep watching.
2 out of the 12 was from deferring pension payments, and the suggested plans to deal with it from other’s was to rely completely on pension deferment.
It’s not good to have pension deferments, but this is legitimately the least bad option given what was possible short term.