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Old 11-13-2015, 02:01 PM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

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Location: Long Island / NYC
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Quote:
Originally Posted by NOLA101 View Post
You're arguing a technical definition that is essentially useless in the real world. It makes "poverty" meaningless, and makes the wealthiest places "poorer" than working class places depending on housing typology and family type.
How is that technical, we're not comparing what placing is wealthier, we're comparing poverty level? Amount of wealth isn't the same as poverty rate. Lots of wealth isn't the same indicator as the income adjusted for cost of necessities for the poorest residents. Real world places have poverty.
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Old 11-13-2015, 02:08 PM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

Over $104,000 in prizes has already been given out to active posters on our forum and additional contests are planned
 
Location: Long Island / NYC
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Quote:
Originally Posted by jessemh431 View Post
A major factor everyone's neglecting is that LA has a huge population of generally poor Latin American immigrants. No, I'm not trying to stereotype, because there are also plenty of well-off Latinos high up in society living in multi-million dollar mansions. But a large portion of LA is poor recent immigrants. They often work minimum wage jobs and have many people or generations living under one roof.
This. I was going to say that. Most of the poor in any of the coastal metros are poor, unskilled, mostly Latin American immigrants. They're low income and living in the among the highest cost places in the country. Either because:

1) Big Californian cities have good access to jobs for those with few skills and little English ability
2) Many connections for those of a new immigrant background
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Old 11-13-2015, 04:30 PM
 
3,618 posts, read 1,568,120 times
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Quote:
Originally Posted by NOLA101 View Post
You're arguing a technical definition that is essentially useless in the real world. It makes "poverty" meaningless, and makes the wealthiest places "poorer" than working class places depending on housing typology and family type.

And most Americans are already homeowners. Therefore, most Americans benefit from property value increases. 70% of Americans are homeowners.

I can. I can afford a $1 million home on 0 salary. It isn't the norm, but I doubt it's unusual.

You really think that typical 30 year old bearded hipsters buying $1 million homes in Brooklyn are all making 400k+? They aren't working on Wall Street. They aren't superstar radiologists or law firm partners or successful business owners.

They aren't buying based on annual salaries; they're buying based on investment wealth and passed-down wealth. Aunt Mary in Syosset passes away, and her 1 million home is split between two kids. Those two kids are now potential cash buyers of homes. The high costs cited in this article made Aunt Mary's family richer, not poorer. If she lived in Fort Wayne or Flint there would be no such inherited wealth.
As pathetic as that sounds, they would probably need aunt mary to leave them alot more than than that if they are going to buy a nice home in nyc in cash. Depending on the how mary set the estate up, and most estates will value in the estate tax, you factor in state taxes, property taxes, in maryland you get hit with inheritance and estate taxes, and unless they plan on living in long island keeping aunt marys memories alive, throw in the capital gains tax or whatever the taxable gains you gain from the sale of aunt marys home

I doubt very few ,if any, hipsters are buying 1 million dollar homes, while there are tons of trust fund babies it strikes me , at least in DC, the majority are renting. I think my parents would leave their entire fortune to their horses and animals care and charity than let their heirs sit around DC or New York being useless off their hard work

I like what william buffett said about inheritance, "a rich person should leave his kids enough to do anything but not enough to do nothing"
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Old 11-13-2015, 06:04 PM
 
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Originally Posted by newbern100 View Post
As pathetic as that sounds, they would probably need aunt mary to leave them alot more than than that if they are going to buy a nice home in nyc in cash. Depending on the how mary set the estate up, and most estates will value in the estate tax, you factor in state taxes, property taxes, in maryland you get hit with inheritance and estate taxes, and unless they plan on living in long island keeping aunt marys memories alive, throw in the capital gains tax or whatever the taxable gains you gain from the sale of aunt marys home

I doubt very few ,if any, hipsters are buying 1 million dollar homes, while there are tons of trust fund babies it strikes me , at least in DC, the majority are renting. I think my parents would leave their entire fortune to their horses and animals care and charity than let their heirs sit around DC or New York being useless off their hard work

I like what william buffett said about inheritance, "a rich person should leave his kids enough to do anything but not enough to do nothing"
I guess if all this keeps you happy, go with it. None of it is true, but fine.

If you really think that everyone pays these taxes when they sell their homes, and if you really think that 30 year old Brooklyn hipsters are really secret Gordon Gekkos, then go with it, I guess.

In the real world, you don't pay death taxes on home sales. In the real world, the inheritance tax doesn't kick in in NY State until $2.1 million. In the real world you don't pay a capital gains tax and an inheritance tax; you pay one or the other depending on jurisdiction. In the real world Williamsburg hipsters are teachers and artists and musicians, not Wall Street buyout kings, yet somehow median home sales prices are right around $1 million. How do you have $1 million home sales when median incomes are relatively modest? Not all wealth is earned wealth.
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Old 11-13-2015, 06:06 PM
nei nei won $500 in our forum's Most Engaging Poster Contest - Thirteenth Edition (Jan-Feb 2015). 

Over $104,000 in prizes has already been given out to active posters on our forum and additional contests are planned
 
Location: Long Island / NYC
45,990 posts, read 41,989,613 times
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Quote:
Originally Posted by NOLA101 View Post
In the real world Williamsburg hipsters are teachers and artists and musicians, not Wall Street buyout kings.
In the real world, Brooklyn hipsters don't own, they rent often with roommates.
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Old 11-13-2015, 07:01 PM
 
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This whole thread is stupid , there's statistically more poor ppl percentage wise in Baltimore, Detroit, North Philly, Southside Chicago , Harlem The bronx n eastern Brooklyn NYC, the entire state of Mississippi, the entire state of Kentucky, than anywhere in LA county .. How tf is LA or even California the poorest state and city in the country?????
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Old 11-13-2015, 07:25 PM
 
3,618 posts, read 1,568,120 times
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Quote:
Originally Posted by NOLA101 View Post
I guess if all this keeps you happy, go with it. None of it is true, but fine.

If you really think that everyone pays these taxes when they sell their homes, and if you really think that 30 year old Brooklyn hipsters are really secret Gordon Gekkos, then go with it, I guess.

In the real world, you don't pay death taxes on home sales. In the real world, the inheritance tax doesn't kick in in NY State until $2.1 million. In the real world you don't pay a capital gains tax and an inheritance tax; you pay one or the other depending on jurisdiction. In the real world Williamsburg hipsters are teachers and artists and musicians, not Wall Street buyout kings, yet somehow median home sales prices are right around $1 million. How do you have $1 million home sales when median incomes are relatively modest? Not all wealth is earned wealth.
What real world are you talking about, mtv? What williamsburg hipsters or as you put it ," teachers and artists and musicians" are buying million dollar homes or large homes in williamsburg at all? Is teaching and art and music paying that well and everyone is a trust fund baby with cash to pay for homes or this big windfall from aunt mary ? They certainly wouldn't be any sort of bohemian but very fraudulent ones but its not happening in the "real world"

Certainly not in most of williamsburg I am sure, like south and east williamsburg , many parts of williamsburg have the largest percentage of people on welfare and poverty in the entire city. I would love to see the stats on DC neighborhoods and gentrification, its much worse I am sure. Gentrification is comical and absurd in most cases of diverse cities and areas, it doesnt solve anything but move the bad areas a few neighborhoods down in a dense city

The average person is not doing as well in New York or DC or LA than just 10 years ago, the vulgar and obscenely rich are doing wonderful though. Some huge sales and cool mansions on curbed

Last edited by floridanative10; 11-13-2015 at 08:16 PM..
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Old 11-14-2015, 12:14 AM
 
6,972 posts, read 14,100,231 times
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Quote:
Originally Posted by phillydominican View Post
This whole thread is stupid , there's statistically more poor ppl percentage wise in Baltimore, Detroit, North Philly, Southside Chicago , Harlem The bronx n eastern Brooklyn NYC, the entire state of Mississippi, the entire state of Kentucky, than anywhere in LA county .. How tf is LA or even California the poorest state and city in the country?????
Lol did you read the article? Those are under the federal poverty level. Federal poverty does not take cost of living into consideration. So someone making $20k in most of the places you listed is under the federal poverty level. But their cost of living is much much much cheaper than in LA. So comparatively, the people in LA are even worse off. You clearly didn't read the article lol
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Old 11-14-2015, 06:49 AM
 
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Interesting that posters are arguing an article about California, written by the LA Times. There is even a map with statistics, but still they know more?
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Old 11-14-2015, 06:53 AM
 
Location: Research Triangle Area, NC
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Do these stats even take homeless people into account? If not then the case is even stronger for LA having the highest poverty rate in the country.

I've only seen West LA, Santa Monica, Westwood, the area around the airport, and Malibu when visiting a buddy out there this past spring.

Most of those areas are wealthy and/or "hip" neighborhoods.....where we saw a staggering amount of homeless people on the street. I don't see how LA's high homevalues make those people any less poor...

I also don't see how you can view homeownership rate of 51% as being great and meaning that the majority of people own homes and are benefiting from said wealth. For the record, homeownership rate does not mean that 51% of people own homes; it means that 51% of homes are owner-occupied....big difference. A lot of people own a house and then rent to roomates. 5 people living in one house, 4 of them are renters making 30-50k per year who would probably never be able to own a house in LA; that house is considered "owner occupied" This is the exact case of my buddy; he made a decent salary of around $45k at his job in LA; couldn't afford to live by himself, not by a longshot....let alone BUY a place; lived in a 3 bedroom house with 4 roommates (one of whom owned the house) and he still paid almost 2k in rent. He moved back to NC after 3 years out there.
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