As Mayor Zohran Mamdani flailed about trying to raise tax rates, I kept thinking that the politically easier way to increase revenue is by building housing that brings more urban professionals to the city. Development produces short-term revenue from transfer taxes, job creation and other economic activity, and long-term revenue from the income taxes and spending of the new households earning hundreds of thousands of dollars. Vornado’s Steven Roth agrees. He said on his latest earnings call that economic growth funds housing, transit, public safety and other public goods. Unfortunately, he did not stop there. Instead he declared “tax the […]

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