I fully support third/fourth/fifth, etc. party options. It forces the STALE mainline two-party system to build broader coalitions and make compromises to govern. My political compass is fairly heterodox, which is why I'm unaffiliated with either D or R. Actually, I'll even go further and say ranked choice voting should be in all 50 states. I think Maine does this for some races, no?
If you get enough seats in Congress that are not mainline D or R, it would force the aforementioned coalition building. Is this wishful thinking? Probably. Should we implement it? Absolutely!
Maine uses RCV for all races. Alaska just voted to switch a hybrid system of RCV and the open primary system where the primary has all the candidates of all the parties and the general election is between the top 4 candidates from the primary regardless of party and then the general uses RCV. Which is a really cool idea I hope it works out and is implemented elsewhere it fixes the main problems of RCV (potentially having too many candidates to rank and stuff etc) while also fixing the problems with Jungle Primaries (party lockouts etc). NYC uses RCV as well and St Louis just adopted Approval voting.
I want the two-party system to end but Yang starting a third party that could potentially spoil races for democrats doesn't help with that. IMO the right thing to do is focus on running candidates in primaries and getting them elected at the local level all the way up to the national level like DSA and Our Revolution is doing.
I saw that theirs a march for UBI (like the march for Medicare for All) coming up close to Yang's book release date. Maybe that's where Yang will launch his party?
