00:00This criticism that Ken Griffin has had for what Mamdani did with his social media posts,
00:04it's not just from him, it's from other billionaires as well.
00:07Is that having any impact on Mamdani? Is that swaying him in any way?
00:10It doesn't seem to be. Taxing the rich broadly polls very well for the mayor.
00:17It's part of his message. He seems a little impervious to the criticism.
00:20The question is whether or not Governor Kathy Hochul, who is actually in charge of
00:25implementing the tax at the state level, is being swayed at all to potentially carve out
00:30or include some sort of exemptions in the tax for people like Ken Griffin
00:36based on their contributions, charitable contributions to the city of New York.
00:40As far as we know, what is the likelihood that this pied-Ã -terre tax will actually be enacted?
00:45Right now, sources who oppose the tax even are saying that the likelihood that it's enacted are better than 75%.
00:52It looks like it's a done deal. The structure of it and the details, how it will work and be
00:57implemented
00:58and when it will start, still very much under negotiation, but it looks like it's going to happen.
01:02Is there precedent for this? I mean, what's happened in other places that have taxed secondary homes?
01:06So there's a little bit of precedent in the UK and in Vancouver.
01:11Some data from Vancouver, a secondary home tax, shows that after implementing the tax,
01:16fewer people started having secondary homes that were vacant.
01:20So the amount of money that the tax was able to yield went down,
01:23but it also theoretically addressed the sort of problem of having properties lie vacant when there's a housing crunch.
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