Fox News opinion columnist Mark Penn criticises New York City Mayor Zohran Mamdani's proposed "pied-à-terre" tax, arguing it is being marketed as a levy on wealthy, non-resident second-home owners but could ultimately harm middle-class homeowners. He contends the policy is designed to target property owners who cannot vote in city elections, allowing officials to raise revenue from a group with no electoral recourse, and warns it risks destabilising New York's housing market.

The article cites estimates that no more than 31,000 properties would initially be affected, but Penn argues the true impact would spread further, eroding property values and household savings across the city. It also references warnings from investor Bill Ackman that the tax could trigger capital flight, as wealthy residents sell luxury properties and relocate, ultimately reducing overall tax revenue rather than increasing it.