Zohran Mamdani spent Tax Day celebrating New York City’s new tax on luxury second homes. It was sold as a fix for the city’s $5 billion budget deficit, but only covers at most 10% of the gap. At the same time, Mamdani is promising a whole new set of expensive programs that would dig the hole even deeper. California is in the same boat, pushing a 5% wealth tax on billionaires as the state budget collapses under the weight of pension promises they never planned how to pay for. Across the country, blue state politicians are doubling down on soaking the rich even as millionaires and billionaires flee to Florida and Texas.