Chamath Palihapitiya

Oh, he's trying to collect 3.9% or something?

Oh, he's trying to collect 3.9% or something?

I don't know if the percentage has been released yet, but the speculation I've seen is 3.9%, but I don't think that's final.

I don't know if the percentage has been released yet, but the speculation I've seen is 3.9%, but I don't think that's final.

But yeah, it's a piada tax, so if you have a second home, yeah, every year.

But yeah, it's a piada tax, so if you have a second home, yeah, every year.

But J-Cal, only if it's a piada terrace.

But J-Cal, only if it's a piada terrace.

So what it means is that the most elastic part of the market is what they're targeting for this tax.

So what it means is that the most elastic part of the market is what they're targeting for this tax.

So in other words,

So in other words,

People who don't live in New York, who just have it as a second or third home, who could buy that property anywhere, are now being taxed the most.

People who don't live in New York, who just have it as a second or third home, who could buy that property anywhere, are now being taxed the most.

So what do you think that's going to do?

So what do you think that's going to do?

It's going to have a massive impact on demand for second homes in New York, which will crash the whole market.

It's going to have a massive impact on demand for second homes in New York, which will crash the whole market.

Well, that's sort of the claim, but I don't think it'll be good for it because there'll be no incentive to build more.

Well, that's sort of the claim, but I don't think it'll be good for it because there'll be no incentive to build more.