mansion tax

New York legislators pulled the plug on the pied-à-terre tax and instead agreed on two one-time taxes that some experts fear could subject the city's transit funding to a more unreliable revenue source.

"Does anyone want to ask about the mansion tax?" de Blasio asked reporters, none of whom had questions about the mansion tax.

"The wealthiest among us have every reason to expect a major new tax break at the federal level," de Blasio said.

The mayor's ideas don't fundamentally change the model of relying on trickle-down from luxury development to create lower-cost housing.