The Latest From The Institute
The Pied-à-Terre Tax Is How You Break a Real Estate Market
New York is once again flirting with a policy that sounds good in a press release but collapses under even basic economic scrutiny. The proposed pied-à-terre tax—pushed by Zohran Mamdani and supported by Kathy Hochul—is being framed as a way to make wealthy second-home owners “pay their fair share.” In reality, it is a direct…
The Liquidity Illusion — and the Patience Premium: What the Blue Owl Redemption Debate Reveals About Private Credit
For more than a decade, private credit funds have been marketed as a stable alternative to the volatility of public markets. Investors were told they could earn equity-like returns with bond-like stability, while accessing investments traditionally reserved for institutions. What many investors did not fully appreciate, however, was the structural tension embedded within these vehicles:…
Why the World Cannot Pretend
For years, much of the international community has spoken about Iran in careful, measured language. Statements are drafted to call for “restraint on all sides.” Resolutions emphasize dialogue. Governments publicly balance their words so as not to inflame tensions. But when Iranian missiles struck American bases in the Gulf and killed at least six United…
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Two Generations, One Country. Thousands of Questions – And a few Answers.
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