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Old Today, 11:47 AM
 
70 posts, read 88,043 times
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Quote:
Originally Posted by pierrepont7731 View Post
Let 'em go... Sick of all of these damn transplants coming here anyway diluting the place. I'm no liberal either. I'm primarily conservative and lean Republican, but I am SICK of these people coming here. Let them stay wherever the hell they are from. They just exacerbate the problems that currently exist. Between them and the homeless, I don't know what's worse. All of these damn hipsters coming here with their hands out begging. Sick of it... What do you care anyway? Don't you live in New Jersey or something? You have an awful lot to say for someone who doesn't even live in NYC. You should focus on Jersey matters and leave us New Yorkers alone.
I second this sentiment. How do we still NOT have a pied-a-terre tax is beyond me. The guy who just bought $238m penthouse in which he's gonna spend 5 days a year? Soak him. Next to my building on the UWS they are building a new condo building where 1Br starts at $2m. Who's buying it? Not even "affluent" professionals in the city, no. The 0.01% and foreign corrupt politicians laundering money. They have turned our streets into checking accounts and in the meantime storefronts sit empty and people who ACTUALLY WANT and NEED to live here are priced out and crowded out. Soak them all. If these rich guys decide to leave en mass and park their money in Miami or elsewhere - good riddance. May be young professionals, artists and the middle class will be able to live in the city once again without housing lotteries and couch surfing. Psssst.
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Old Today, 11:47 AM
 
Location: New York, NY
7,857 posts, read 3,113,194 times
Reputation: 3063
Quote:
Originally Posted by eddiep83 View Post
yes that much is clear to me...lol. New construction going up everywhere also.

But yet some people say people are fleeing NY... well... good?...lol. this city could use about 2 million less people.
It depends on who is fleeing... The problem is we have lots of middle class people that PAY TAXES fleeing and more FREELOADERS TAKING from the system COMING in. If the rich leave, good luck... Puts more strain on the system to find tax revenues.
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Old Today, 11:49 AM
 
Location: New Jersey
4,987 posts, read 2,597,227 times
Reputation: 5650
Quote:
Originally Posted by eddiep83 View Post
cars, trains, everywhere. It's packed everywhere at pretty much all times. I remember many parts of the city being ghost towns when I was growing up 15-20 years ago.
I think you are exaggerating. It is not packed everywhere at all times. Please. I would guess that 95% of the streets of the outerboroughs are fairly empty both in terms of vehicular and pedestrian activity during the day and most definitely during night.

What you might have noticed instead is that formerly underdeveloped areas or undesirable areas have been gotten new developments and more people moving in from more expensive areas of the city. Kinda of like rearranging the deck chairs, so to speak.
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Old Today, 11:50 AM
 
725 posts, read 268,699 times
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I don’t mind this but I wouldn’t surprised if firstly it won’t even generate as much money as they think it will. Secondly, rich people aren’t dumb they will find a way to be taxed less.

Paris has a similar tax and their housing is still very expensive. So it will only effect luxury housing real estate. The city will lose money from less construction and sales of luxury buildings. 650 million a year from it? I doubt it....

City continues to make new taxes to pay for their spending habits, it will never be enough.

But this falls into the agenda of “attack the rich”. People are still gonna be complaining it won’t ever be enough for them either. Jealousy is a female trait
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Old Today, 11:55 AM
 
Location: New Jersey
4,987 posts, read 2,597,227 times
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Quote:
Originally Posted by eddiep83 View Post
yes that much is clear to me...lol. New construction going up everywhere also.

But yet some people say people are fleeing NY... well... good?...lol. this city could use about 2 million less people.
Why stop at 6 million? And should you be included in the 2 million group?
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Old Today, 12:14 PM
 
725 posts, read 268,699 times
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I would love to hear how they determine the 5 million dollar valuation. Many people who bought property in nyc and live elsewhere, purchased it when it was cheaper than 5 million. They aren’t necessarily wealthy, just bought into nyc real estate before the prices shot up. So would they be going by the purchase price, assessment, or current market valuation. And with most real estate in nyc being over 1 million even in bad areas, will they continually raise the minimum?

Also how will the tax be handled when it comes to investors. What’s stopping foreign money from hiding behind an LLC. Like I said this tax won’t generate the money they think it will. After the 2nd year, they would have find ways around the tax.

In another decade, MTA will still be crumbling. Maybe even under water for a few stations, mark my words. Nyc has plenty of money, they are just horrible at spending it and no one holds them accountable. So they point to a few rich people instead of the few politicians that’s responsible for billions of dollars of our money
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Old Today, 12:22 PM
 
70 posts, read 88,043 times
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Quote:
Originally Posted by Wakanda18 View Post
I would love to hear how they determine the 5 million dollar valuation. Many people who bought property in nyc and live elsewhere, purchased it when it was cheaper than 5 million. They aren’t necessarily wealthy, just bought into nyc real estate before the prices shot up. So would they be going by the purchase price, assessment, or current market valuation. And with most real estate in nyc being over 1 million even in bad areas, will they continually raise the minimum?

Also how will the tax be handled when it comes to investors. What’s stopping foreign money from hiding behind an LLC. Like I said this tax won’t generate the money they think it will. After the 2nd year, they would have find ways around the tax.

In another decade, MTA will still be crumbling. Maybe even under water for a few stations, mark my words. Nyc has plenty of money, they are just horrible at spending it and no one holds them accountable. So they point to a few rich people instead of the few politicians that’s responsible for billions of dollars of our money
NY is actually pretty good and very aggressive when it comes to collecting taxes so I have no doubt that if enacted this tax will be collected. Hiding behind an LLC won't help you any. Who cares? If the tax is not paid the City will put a lien on it and foreclose, as is done routinely, LLC or not.. The question of valuation is an interesting one given that assessed values in NYC are far removed from the market values. And it is not just about raising additional funds. It is about discouraging luxury investor buying in the first place, and hopefully driving away the existing "investors". Hong Kong has 15% tax, Vancouver 1%, London and Paris also have similar taxes, in many countries you can't even buy a property as a foreigner. It's time NYC prioritized New Yorkers over out of state (or country) billionaires.
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Old Today, 12:33 PM
 
Location: Brooklyn, New York
3,585 posts, read 3,697,377 times
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Quote:
Originally Posted by Wakanda18 View Post
Paris has a similar tax and their housing is still very expensive.
This tax will do nothing for affordability or pedestrian activity, since it only effects a very very small percentage of housing supply. The biggest factor in rising housing prices are restrictions on new housing construction.
Quote:
So it will only effect luxury housing real estate. The city will lose money from less construction and sales of luxury buildings. 650 million a year from it? I doubt it....
This should result in a short term revenue bump to the city, following by a long term net loss. The City projections are deliberately inaccurate to validate the mayor and comptroller initiative.

This is quite obvious, since these expensive property owners are paying property taxes on crazy high valuations without actually living in the city or using any city services. This is literally chasing away free money for the city.
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Old Today, 12:36 PM
 
508 posts, read 389,343 times
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Quote:
Originally Posted by antinimby View Post
Why stop at 6 million? And should you be included in the 2 million group?
wow such hostility on this board!...lol. but yes I am leaving. just not worth it anymore.
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Old Today, 12:37 PM
 
508 posts, read 389,343 times
Reputation: 712
Quote:
Originally Posted by pierrepont7731 View Post
It depends on who is fleeing... The problem is we have lots of middle class people that PAY TAXES fleeing and more FREELOADERS TAKING from the system COMING in. If the rich leave, good luck... Puts more strain on the system to find tax revenues.
i agree, the rich are not the ones you want to chase away. not only do they pay the lions share of taxes they also provide jobs.

and really someone having a pied a terre is the last of our worries. if anything its someone that is not even here taking any resources, but putting money into the city.
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