The push to further tax the wealthy in NY seems to be picking up. Such a bad idea at this moment. The simple fact is that NY needs rich people FAR more than wealthy people need NY, and this has never been more true. This whole predicament is basically the bear case for NYC.

Like, this situation we’ve found ourselves in is so profoundly no-win that it’s not clear it can be solved without redefining what municipal government IS. The city is basically a vast social services agency, municipal employment has swelled as population has fallen.

We’ve conspicuously failed to cultivate a durable middle class. Everything - from basic goods and services to hard assets - is ludicrously expensive relative to anywhere else. And we hinged it all on this: