(https://www.cnbc.com/2026/07/03/manhattan-luxury-real-estate-sales-mamdani.html) despite the new second-home tax is being spun as resilience. Wrong frame. This is the canary telling you exactly where consumer bifurcation is happening — the top 10% are insulated, the middle 40% are not. When ultra-high-net-worth individuals keep buying $10M apartments untouched by a new tax, it doesn't validate broad consumer strength.

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