On Wednesday, April 15, New York City Mayor Zohran Mamdani (D) and New York Gov. Kathy Hochul (D) proposed a pied-à-terre tax, an annual surcharge on New York City residences valued above $5 million owned by those who primarily live outside the city. Mamdani and Hochul claim the measure would raise $500 million in annual revenue to help address the city’s budget shortfall; if enacted, it would be the first pied-à-terre tax in New York’s history. Get more from Tangle!We try to make opening every newsletter exciting, and today we’re adding a little extra excitement with a special membership offer: A 25-hour window to get 25% off our yearly subscription bundle. We’re calling it our “25 for 25” sale. That’s ad-free newsletters, ad-free podcasts, and every single piece of members-only content we’ve ever published in the past and will publish in the future — Friday editions, Sunday editions, special interviews, podcasts, transcripts, Press Pass, and more. You unlock everything, all for just $6.25/month for the first year. But it all expires at 1 PM ET tomorrow. Grab it here. You can read today's podcast⁠ ⁠⁠here⁠⁠⁠, and today’s “Have a nice day” story ⁠here⁠.You can subscribe to Tangle by clicking here or drop something in our tip jar by clicking here. Take the survey: What do you think about the proposed pied-à-terre tax? Let us know.Our Executive Editor and Founder is Isaac Saul. Our Executive Producer is Jon Lall.This podcast was written by: Ari Weitzman and audio edited and mixed by Dewey Thomas. Music for the podcast was produced by Diet 75.Our newsletter is edited by Managing Editor Ari Weitzman, Senior Editor Will Kaback, Lindsey Knuth, Bailey Saul, and Audrey Moorehead. Hosted on Acast. See acast.com/privacy for more information.

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.