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Old 03-14-2019, 08:12 AM
 
Location: Brooklyn, New York
3,610 posts, read 3,715,403 times
Reputation: 3326

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Quote:
Originally Posted by pierrepont7731 View Post
I would argue that developers should be directly funding infrastructure for some projects.
The city won't allow that. Private contractors building infrastructure at a 10x less cost without NY contracting and "oversight"? Fuggetaboutit. The unions only allow to do cosmetic stuff like new subway entrances, nothing big is permitted. Building infrastructure in NYC is a lucrative racket. You can siphon billions of dollars with nothing to show for it and no one would even bat an eye.
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Old 03-14-2019, 08:16 AM
 
Location: Manhattan
20,999 posts, read 27,590,382 times
Reputation: 9479
The upside of such a tax is that it will slow down the rampant speculative inflation in luxury housing, which will reverberate all the way down the market to that $800K frame house in Rego Park, perhaps making it $700K instead of $900K.




To Hell with Russian 'Oligarchs", aka thieves, seeking to keep a hiding place for the time when the people wise up again and start hauling them into cellars to meet a hail of bullets. Same for the Saudi Royals, mafia kingpins, drug lords, dirty hedge fund "operators" etc.


New York housing should NOT be a money laundering scheme.


If that's what it WILL be then at least let the money launderers put some funds into the public coffers with a FAT pied-a-terre tax.
Perhaps double or triple what is proposed.
If make believe residents have to sell at fire-sale prices, all well and good. And if they run away, perhaps to the Caymans, well, they were never really here in the first place.



I have no problems with "5 days a year." Sometimes hyperbole is a very useful tool to make a point.

Last edited by Kefir King; 03-14-2019 at 08:26 AM..
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Old 03-14-2019, 08:43 AM
 
Location: New York, NY
7,907 posts, read 3,163,560 times
Reputation: 3103
Quote:
Originally Posted by Gantz View Post
The city won't allow that. Private contractors building infrastructure at a 10x less cost without NY contracting and "oversight"? Fuggetaboutit. The unions only allow to do cosmetic stuff like new subway entrances, nothing big is permitted. Building infrastructure in NYC is a lucrative racket. You can siphon billions of dollars with nothing to show for it and no one would even bat an eye.
Sadly you're right...
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Old 03-14-2019, 08:48 AM
 
Location: New Jersey
5,091 posts, read 2,637,583 times
Reputation: 5755
^ Gantz is right pretty much all the time. He is one of the most informed posters here in the NYC forum (along with Bugsy). Sadly, the quality dropoff from them is steep.
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Old 03-14-2019, 09:27 AM
 
730 posts, read 273,763 times
Reputation: 584
Quote:
Originally Posted by Kefir King View Post
The upside of such a tax is that it will slow down the rampant speculative inflation in luxury housing, which will reverberate all the way down the market to that $800K frame house in Rego Park, perhaps making it $700K instead of $900K.




To Hell with Russian 'Oligarchs", aka thieves, seeking to keep a hiding place for the time when the people wise up again and start hauling them into cellars to meet a hail of bullets. Same for the Saudi Royals, mafia kingpins, drug lords, dirty hedge fund "operators" etc.


New York housing should NOT be a money laundering scheme.


If that's what it WILL be then at least let the money launderers put some funds into the public coffers with a FAT pied-a-terre tax.
Perhaps double or triple what is proposed.
If make believe residents have to sell at fire-sale prices, all well and good. And if they run away, perhaps to the Caymans, well, they were never really here in the first place.



I have no problems with "5 days a year." Sometimes hyperbole is a very useful tool to make a point.
Luxury housing won’t effect homes under a million dollars by making it cheaper. The person buying a 30 million dollar penthouse has nothing to do with someone buying a 800k home.
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Old 03-14-2019, 09:31 AM
 
513 posts, read 392,642 times
Reputation: 717
Quote:
Originally Posted by Wakanda18 View Post
Luxury housing won’t effect homes under a million dollars by making it cheaper. The person buying a 30 million dollar penthouse has nothing to do with someone buying a 800k home.
yea the NYC luxury market is almost a completely different market from entry level or even mid range houses. NYC's luxury market has taken big hits and it has not trickled down. I don't see any correlation there.
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Old 03-14-2019, 12:04 PM
 
Location: Manhattan
20,999 posts, read 27,590,382 times
Reputation: 9479
Have not all you right wingers heard of TRICKLE DOWN...you invented it.




THe 30 million dollar house falling in value to 20 Million affects the 20 million dollar house which falls to 15 million and the 15 million falls to 10 and on down to the $800K joint in Rego Park.
The housing market is a continuous spectrum...there are not two separate housing markets?
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Old 03-14-2019, 02:24 PM
 
Location: New Jersey
5,091 posts, read 2,637,583 times
Reputation: 5755
^ That might happen, but only temporarily. Once all the unsold inventory is sold, the prices will rise again, unless there's more supply in the pipeline. If developers see that there's declining demand for high end apartments, they'd just stop building them. Therefore, trickle down does not apply here.
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Old 03-15-2019, 11:15 AM
 
Location: Manhattan
20,999 posts, read 27,590,382 times
Reputation: 9479
So they stop building, AND the marginal ones go bankrupt like they did in the '70's and early ought 2's and the City and state and banks take them over and we have revival of Mitchell Lama.




Yes, as we keep spawning like cockroaches, the cycle of boom and bust will continue. But that is another story.
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Old 03-21-2019, 10:41 AM
Status: "Digging Up Acorns" (set 5 days ago)
 
225 posts, read 26,824 times
Reputation: 89
I hope that people who own a 20K rent farm in North Philly are not going to have to pay this tax in NYC despite the fact that their NYC apt is now technically a pied a terre.
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