Travis Kalanick: New York’s second home tax will crash the market, how high taxes hurt urban economies, and the importance of construction for housing stability | All-In Podcast

New York's proposed property taxes could crash the luxury real estate market and deter wealthy investors.

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Add us on Google by Editorial Team Apr. 17, 2026

Key takeaways

• The new tax on second homes in New York is predicted to significantly reduce demand and crash the market.
• Taxing high-value properties in New York may not improve housing affordability as intended.
• Proposed taxes on pied-à-terre properties could deter potential buyers and negatively impact New York’s economy.
• The real estate market in London has suffered due to land banking and high taxes, leading to a collapse at the high end.
• Allowing more construction in cities can lead to lower rents and housing prices despite increasing demand.
• Cities imposing arbitrary taxes risk losing investment from wealthy individuals.
• Wealthy individuals contribute to urban development by subsidizing projects through their investments.
• Real estate in blue states is becoming increasingly risky for wealthy individuals due to taxation policies.
• High transaction costs in real estate are leading to a decline in market activity.
• There is a 75% chance that OpenAI’s new model, Spud, will be released next week.
• The political class in blue states may cause wealthy individuals to move their investments elsewhere.
• High transaction costs discourage house flipping and other real estate activities.
• Wealthy investors play a crucial role in sustaining urban development projects.
• Tax policies can significantly influence buyer behavior and economic activity in major cities.
• The release of new AI models like Spud is closely watched by the market for its potential impact.

Guest intro

Travis Kalanick is CEO of Atoms, which owns CloudKitchens, the operator of ghost kitchens. He co-founded Uber and served as its CEO from 2010 to 2017, revolutionizing global ridesharing. He also founded the 10100 venture fund, investing in e-commerce and real estate in emerging markets.

The impact of New York’s proposed tax on second homes

• The new tax on second homes in New York will significantly reduce demand and crash the market.

  — Travis Kalanick

• The proposed tax is expected to have a massive impact on demand for second homes in New York.

• What do you think that’s gonna do? It’s gonna have a massive impact on demand for second homes in New York which will crash the whole market.

  — Travis Kalanick

• The tax is seen as a deterrent to potential buyers, affecting the overall market dynamics.
• There is skepticism about the tax improving housing affordability in New York.

• I don’t think it’ll be good for it because there’ll be no incentive to build more.

  — Travis Kalanick

• Understanding housing supply dynamics is crucial to assessing the tax’s impact on affordability.
• The tax policy challenges common beliefs about improving affordability through taxation.

Economic implications of taxing pied-à-terre properties

• The proposed tax on pied-à-terre properties will deter potential buyers and negatively impact New York’s economy.

  — Travis Kalanick

• Potential buyers are less likely to invest in New York due to the tax, affecting local businesses.

• If you were a person who is thinking about buying a pied-à-terre in New York there’s no way you would do it now… the math doesn’t work.

  — Travis Kalanick

• The tax policy could lead to decreased spending in New York, impacting the economy.
• Understanding the implications of tax policies on real estate and local economies is essential.
• The analysis highlights how tax policies can influence buyer behavior in a major city.
• The tax may have unintended consequences on New York’s economic activity.
• The proposed tax could deter high-value investments in the city.

London’s real estate market challenges

• The real estate market in London has suffered due to land banking and high taxes, leading to a collapse at the high end.

  — Travis Kalanick

• The introduction of the stamp tax in London is seen as a factor in the market’s collapse.

• The high end of the market in London has basically turned over and collapsed.

  — Travis Kalanick

• Understanding the impact of taxation and land banking on real estate markets is crucial.
• The situation in London serves as a cautionary tale for other urban markets.
• The collapse highlights the negative effects of specific policies on real estate.
• The market dynamics in London provide insights into the consequences of high taxes.
• The analysis underscores the importance of policy decisions in urban real estate markets.

The role of construction in urban housing markets

• Allowing more construction in cities can lead to lower rents and housing prices despite increasing demand.

  — Travis Kalanick

• Increased construction can help meet demand and stabilize housing prices.

• If you let people build to satisfy the demand you won’t have this problem.

  — Travis Kalanick

• The explanation connects urban planning with economic outcomes.
• Understanding housing supply dynamics is key to addressing urban development challenges.
• The insight highlights the importance of supply in housing markets.
• The analysis suggests that more construction can alleviate housing market pressures.
• The role of construction in urban development is emphasized in the discussion.

Risks of arbitrary taxes in urban areas

• Cities that impose arbitrary taxes risk losing investment from wealthy individuals.

  — Travis Kalanick

• Arbitrary taxes can drive wealthy investors to seek opportunities elsewhere.

• If you have new management that doesn’t really believe in the rule of law… that money is gonna flee.

  — Travis Kalanick

• The statement highlights the relationship between tax policies and investment decisions.
• Understanding the implications of tax policies on investment is crucial for urban areas.
• The analysis underscores the potential consequences of arbitrary taxation.
• The discussion emphasizes the need for stable and predictable tax policies.
• Wealthy individuals’ investment decisions are influenced by tax policies.

Contributions of wealthy individuals to urban development

• Wealthy individuals contribute to urban development by subsidizing projects through their investments.

  — Travis Kalanick

• High-value investments can make urban development projects feasible.

• The fact that a whale like Ken Griffin is willing to overpay… might make that whole project pencil.

  — Travis Kalanick

• The insight explains the economic dynamics of urban development.
• Wealthy investors play a crucial role in sustaining urban development projects.
• Understanding the influence of high-value investments is key to urban planning.
• The analysis highlights the importance of wealthy individuals in urban development.
• The role of investment in urban vitality is emphasized in the discussion.

Challenges of real estate investments in blue states

• Real estate in blue states is becoming increasingly risky for wealthy individuals.

  — Travis Kalanick

• Taxation policies in blue states may deter wealthy investors.

• The political class thinks that they can take a chunk of it and wealthy people are gonna react.

  — Travis Kalanick

• The insight highlights concerns about the safety of real estate investments.
• Understanding the implications of political decisions on real estate is crucial.
• The discussion emphasizes the need for careful consideration of taxation policies.
• The analysis suggests that political dynamics can influence market trends.
• The risks associated with real estate investments in blue states are discussed.

Impact of high transaction costs on real estate markets

• High transaction costs in real estate are leading to a decline in market activity.

  — Travis Kalanick

• High costs discourage activities like house flipping, affecting market dynamics.

• Transaction costs are too high… people aren’t doing the house flipping anymore.

  — Travis Kalanick

• The explanation connects taxation to transaction costs and market health.
• Understanding the impact of transaction costs is key to real estate market analysis.
• The discussion highlights the consequences of high transaction costs.
• The analysis underscores the need for policies that reduce transaction costs.
• The decline in market activity is attributed to high transaction costs.

Anticipating the release of OpenAI’s new model, Spud

• There is a 75% chance that OpenAI’s new model, Spud, will be released next week.

  — Travis Kalanick

• The prediction indicates market expectations for the new AI model.

• Here’s your poly market 75% chance Spud is released next week.

  — Travis Kalanick

• Understanding the significance of the new model is crucial for AI advancements.
• The discussion highlights the anticipation surrounding AI developments.
• The analysis suggests that the release of new models is closely watched by the market.
• The potential impact of Spud on AI and related industries is considered.
• The prediction reflects the importance of timely information in technology markets.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.