Over the past few weeks, many have argued for and against a luxury pied-a-terre tax in New York City, a fancier name for a new tax on second homes worth $5 million or more. I'm not going to discuss my opinions for or against this tax here but I am going to speak to how horrific the messaging has been around the rollout of this tax.

First and foremost, this tax probably impacts only around 11,000-17,000 homeowners, a relatively small percentage. The tax is huge and mostly a punitive measure addressing the many people who do business in New York City but domicile elsewhere to save what they pay in local taxes. New York has lost over $11 billion in revenue because of this out-migration. Here are some facts that have been messaged poorly:

1. The broad narrative suggests all second homes in NYC with a market value of $1 million or more are subject to this tax, that would be tens of thousands. That is grossly misleading and false. "Market Value" here refers to the "city's" market value number, a number far removed from actual market values. Disgraceful variances and weird discrepancies aside, no, not all second homes valued at $1 million or more are subject to this tax.

2. Those who own a luxury second home in NYC already pay real estate taxes, identical to their neighbors and some of the highest real estate taxes in all the US. They all pay the same transfer and mansion taxes when buying and/or selling. In fact, most pay more in real estate taxes as they do not benefit from the small abatement afforded to full-time residents and taxpayers.

3. The City has a searchable database where you can search all addresses and their owners: But this time the city released an easily downloadable list of 950,000-plus names and addresses, the dream of all fraudsters and politicians with ill intent. New York City regularly maintains public assessment records, but aggregating nearly one million specific names and addresses into an easily searchable and downloadable database, specifically framed around identifying potential tax targets, has no direct precedent for any other single group. Ever. This reeks of targeting. While identifying 950,000-plus homes and their owners, at least 2-3 people live in each of these homes, representing closer to 3 million people, about 35-40% of all of NYC's population, a thorough disgrace. This group is also responsible for paying a huge chunk of New York City's real estate and income taxes.

A Governor's role is to manage a State well, efficiently and effectively. A Mayor's role is to unite and manage a city well, make it extremely desirable to residents and visitors alike, and attract the best from around the globe, not divide and/or alienate those who pay the largest chunk of its fiscal existence. Most New Yorkers are hoping this massive blunder can be attributed to inexperience and/or negligence, rather than the much darker alternative. Sadly, now all will be highly suspicious and question everything. Maybe that's a good thing?