So taxing vacant, expensive property is actually a very good tax, and as much as I loathe Mamdani, this is not a bad idea. The logic is this: buying large properties and NOT LIVING IN THEM imposes externalities on other citizens:The first, of course, is that it eats up demand for real estate in the city, and there’s only so much room in Manhattan. Now, of course, they should just remove rent control and make more sensible building codes, etc., to increase supply, but supply is still always going
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