AdvertisementBefore we get to that, however, you need to understand just what a colossal screw-up Mamdani’s pied-à-terre tax really is. The bad news is that "City Hall estimates the pied-à-terre tax would yield $500 million per year." And the worst news is that critics of the tax say that it "could cause property values to plummet." AdvertisementMamdani's brand of socialism is taxing everybody for unrealized gains on properties whose value Mamdani will destroy. PJ Media VIP members get tons of exclusive goodies, including podcasts and video live chats with your favorite writers.