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Mamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passed
(www.nytimes.com)
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this post was submitted on 18 Feb 2026
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That assumes market forces are doing what you want. There are always levers that can encourage the market to move where you want it to go. For example raising property taxes but giving a 10 year tax break to converted office spaces (and changes to zoning of course).
That makes markets less efficient in the long run. It might cost less in rent, but your office is far away and you pay for it in commute time. You didn't even know that in a parallel universe your company moved to a better office space that's in your city
Efficiency and resilience are opposing forces. Think of the spare tire on a car. Is it efficient to carry around a fifth wheel all the time? No. But it is resilient because it will make it possible to quickly recover from a disruption (i.e. a flat tire).
The housing system needs a certain degree of resilience or people end up homeless. If that costs landlords money, too damn bad. It's the job of government to force them.