This is why cities and states have to show a little bit of sense in their shenanigans. For the most part you can just up and move to another or state if it gets too crazy. This is why Mamdani's plans for all this free stuff is not going to happen. They don't have the money for it and his idea of "taxing the rich more" is just going to cause those with the financial wherewithall, i.e., the rich, to just up and move. Home prices in CT have already skyrocketed. When you raise prices, or taxes, it doesn't result in a dollar for dollar effect because the base can shrink drastically. For example, a 20% tax increase will not bring in 20% more revenue because people will move. You'll end up with 10% more revenue (don't know actual numbers, just for illustration). Raise it more and you'll end up with an even lower ratio of rates to actual taxes collected.
The problem is NY is full of idiots who either 1) don't understand this or 2) could actually care less since they don't pay taxes anyway. What a great time to live in the Big Apple.
The number 2's from above make up a significant portion of the Democratic voting base.