Tax the Rich . . . Until They Leave: Mamdani and Rent Control

Richard Epstein takes aim at NYC Mayor Zohran Mamdani’s push for rent control and higher inheritance taxes, arguing that both policies punish landlords, shrink housing supply, and ultimately drive wealth—and people—out of the state. From empty apartments and collapsing incentives to interstate tax competition and capital flight, Epstein lays out a stark warning: policies that sound compassionate in the short run can devastate cities over time. A sharp, unsparing look at markets, incentives, and the high cost of getting them wrong.