  Recent VLBI measurements of the astrometric parameters of the millisecond
pulsar J0218+4232 by Du et al. have suggested this pulsar is as distant as 6.3
kpc. At such a large distance, the large {\gamma}-ray flux observed from this
pulsar would make it the most luminous {\gamma}-ray pulsar known. This
luminosity would exceed what can be explained by the outer gap and slot-gap
pulsar emission models, potentially placing important and otherwise elusive
constraints on the pulsar emission mechanism. We show that the VLBI parallax
measurement is dominated by the Lutz-Kelker bias. When this bias is corrected
for, the most likely distance for this pulsar is 3.15(+0.85/-0.60) kpc. This
revised distance places the luminosity of PSR J0218+4232 into a range where it
does not challenge any of the standard theories of the pulsar emission
mechanism.
