New York City’s ultra-luxury housing market has slowed following the implementation of the pied-à-terre tax, with critics arguing the policy could accelerate the loss of high-income residents and investment. Don Peebles, founder and CEO of The Peebles Corporation, warns that policies targeting wealthy homeowners risk driving capital and tax revenue away, citing the departure of more than 210,000 residents and significant revenue losses as affluent individuals relocate to lower-tax states such as Florida and Texas.

Watch the interview on Mornings with Maria.