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I think he wants the apartments to collapse in value. Keep in mind for poor people, if you could avoid getting locked up or being victim of a crime, NYC was a better place from the 1970s-the early 1990s. There are those who would gleefully see apartment values drop and would not care about what happens for small businesses.
Do keep in mind people have very different agendas, and people do have very different interests. And someone else's loss is another person's gain.
I think just lots people are renters, so they see cheaper real estate = cheaper rent. Regardless, taxing all property above a certain value a higher rate (a luxury tax) wouldn't affect most real estate or owners, but it discourage super-luxury construction at the expense of the merely upper-middle class apartment buildings. Discourage stuff like this:
Taxing real estate based on its market value (rather than the byzantine system NYC has now) makes sense, but what does owning real estate have to do with income tax? If Ivan Billionairovich lives in Moscow most of the time and makes his money in Moscow but owns a place in NYC which he uses one day a month to entertain aspiring models, why should he pay NYC income tax? If he has places in LA, Chicago, Atlanta, Boston, Philadelphia, and San Francisco, should he pay income tax in all those places?
No. But perhaps he could pay a higher second home tax. I think that's common in resort communities. Super rich housing holds less people that could house more normal people (and I'm thinking upper-middle class not poor).
Also how many foreign super-rich people own second homes in Philadelphia? Even Boston and Atlanta aren't that common.
NY real estate crashed in the 1990's recession, it did not crash in the current depression. I posit that times are far worse today for the average Joe than they were in the early 1990's with no sign of an upturn just a continuing decrease in the value of the median salary.
Exactly what i said,nyc held up very well through the downturn in 2008-2009.
We did not have anywhere near the drop the country saw hense our economy stood up much better hense our real estate did not crash.
The economy and real estate values are joined at the hip for the most part. Where goes our local economy go our real estate values and the opposite too.
A substantial drop in real estate in nyc will not happen by itself . It will be an economy/real estate drop.
Long island fell about 20% and the city about 10%. Compared to the areas that got hit hard we were pretty lucky.
Nyc white collar workers and the wealthy kept their jobs for the most part.
Those with the most to spend still had jobs. That is in contrast to the rest of the country where the high wage earners lost their jobs.
We had alot of unskilled lower paid workers that were out of work. But since they have less to spend anyway and were renters our real estate held up fine.
Last edited by mathjak107; 11-02-2013 at 03:04 PM..
No. But perhaps he could pay a higher second home tax. I think that's common in resort communities. Super rich housing holds less people that could house more normal people (and I'm thinking upper-middle class not poor).
A lower rate for primary residences would make a lot more sense than taxing the income of nonresident real estate owners.
Quote:
Also how many foreign super-rich people own second homes in Philadelphia? Even Boston and Atlanta aren't that common.
A few, obviously nothing like NY. But certainly super-rich people are often going to own homes in multiple cities around the world, probably several in the US. Start taxing their income and they'll either not buy, or more likely set up tax shelters. Tax the real estate itself and it's a lot harder to avoid.
I know. How about cleaning up the welfare hell hole instead of plotting ways to take people's money.
Let's scrap EBT food entirely. It's way out of hand in NYC. People don't think when they make decisions anymore, they have three kids and they cannot get a job better than working at McDonald's. the taxpayers take care of their food and housing. Why has the USA fallen so far behind everyone else? It's scary.
I know. How about cleaning up the welfare hell hole instead of plotting ways to take people's money.
Welfare hole is chump change compare to the amount the city and state contributes to govt worker pensions and their healthcare programs.
The biggest money sink the city and state has to make are for all those workers that are retired and still getting lofty pensions checks and great healthcare that not many private companies offers.
Not to mention all those politicians that double dip by retiring early and collect pensions then get rehired and still collect pension.
The sheer amount of stupidity in this type of threads is astonishing
You actually have people who want America to be Russia, China, Nigeria... Or Mediaval Europe where the Aristocracy pays no taxes
A place that only caters to the rich elite and the poor are regarded as sub humans pushed away unless of course they are to cater to and clean up after the rich
If a Russian billionaire is ready to pay 50 million for an apartment a price tag artificially pumped up by his own peers buying in the city which in turn makes it hard for hard working middle class family buy their own home then he should pay higher taxes.
All you have to do is to look at the rest of the world to see a goverment not offerring basic services to its population is not the solution
Since when the third world the example to follow when in comes to taxes and social security?
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