already started by the current administration?

https://www.gauntlet.xyz/

* 10% of Intel

* 15% vig of Nvidia chip sales to China

* largest shareholder in several materials and mining companies

* option for 8% of Westinghouse

* "Golden Share" of U.S. Steel

/s

studies typically conclude that immigrant populations do contribute to housing demand (duh), but the labor supply they bring to services market (e.g. childcare, retail) lowers the cost of those services by a more-than-commensurate amount. so the total cost of living goes down for "natives."

when you tax supply, you get less supply

many of these second homes are currently on the rental market. if there is less supply of these coming into the rental market, rent prices rise.

I don't know why everybody's brains are so broken when it comes to housing policy.

let's say you own an uninhabitable 2 family home in Brooklyn that was built in 1910 but would require serious renovation to be able to rent it out (not at all a strawman; this is incredibly common). now imagine your incentives as the property owner:

* without the pied-a-terre tax: some risk & upfront cost to renovate, but future cash flows from rental income make this incentivized

* with the tax: same risk & upfront cost, but now the future cash flows are decreased by the amount of the tax (since the assessed value will have increased)

anywhere that difference tips the scales from "renovating" to "not renovating," there is one fewer home on the market.

lol. why would it? if you tax something, you get less of it.

there is not even close to any kind of shortage of demand for housing in NYC. there is an enormous shortage of supply; it is in fact _illegal_ in most places to build more supply.