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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.
Do they live in Philly or do they live in NYC. Not rocket science.
It's almost a done deal; now that the Mouth of Albany (Andrew Cuomo) is behind the scheme of his spendthrift, bleeding heart liberal democrats who control Albany.
I’m curious about those who are current NYC residents who are against this and why they are against this.
Am a city resident born and bred; I have to tell you?
People need to stop hating and or trying to put people down just because they've got more than themselves. Someone buying an apartment for $250 million is no different than when your next door neighbor gets a BMW while you're driving a busted Honda Civic. Envy is a nasty sin.
Two, these people already contribute vast sums to the city's coffers, *AND* take very little in return. Their children likely do not attend schools here. Unless an emergency they likely won't be using NYC hospitals, and if they did their wealth means unlike others around here they (or their likely excellent insurance) can foot entire bill.
Three, wealthy households generate income for a vast and bewildering array of services and employment.
The maids/servants who clean and otherwise provide domestic staffing. Laundries, dry cleaners, restaurants, theatre, arts, entertainment, etc.. the lot. Or do you people think these ultra rich simply arrive in NYC and stay holed up in their apartments. All that employment/services are provided by people who themselves are taxed and spend, so there is a multiplier effect.
And so it goes....
New Yorkers both in Albany and the city are famous for wanting to tax the wealthy for ages now. Already this state has one of if not the highest taxes on all sorts of wealth. That in turn has prompted many to leave, and or otherwise reduce their exposure at least for tax purposes.
Finally as anyone who has studied economics can say; when you tax something it usually always results in less of an activity and or ways are found to avoid. As such proposed taxes never wholly bring in projected revenues (which usually are very rosy estimates), but rather have the opposite affect. Activity declines so revenue isn't what was stated, so now either the tax rate must be increased or another implemented.
From the moment you get up in the morning and flick lights on you pay a surcharge/tax to MTA (on your electric bill). Pick up that telephone (landline or cell) you pay another tax to MTA. Go online? Yep, you pay another tax to the MTA. Own your home? You paid a mortgage recording tax to the MTA. Rent? Your LL paid taxes/surcharges to MTA. All this before you've set one GD foot out the door.
Take mass transit or cross a bridge/use tunnel to get to work? Yes, you paid to MTA. Your employer (or yourself if self-employed) pays a payroll tax to the MTA. Oh and every single thing listed above (lights, telephone, internet, etc...) paid by a business or whatever also pays same MTA surcharges/taxes.
Am a city resident born and bred; I have to tell you?
People need to stop hating and or trying to put people down just because they've got more than themselves. Someone buying an apartment for $250 million is no different than when your next door neighbor gets a BMW while you're driving a busted Honda Civic. Envy is a nasty sin.
Two, these people already contribute vast sums to the city's coffers, *AND* take very little in return. Their children likely do not attend schools here. Unless an emergency they likely won't be using NYC hospitals, and if they did their wealth means unlike others around here they (or their likely excellent insurance) can foot entire bill.
Three, wealthy households generate income for a vast and bewildering array of services and employment.
The maids/servants who clean and otherwise provide domestic staffing. Laundries, dry cleaners, restaurants, theatre, arts, entertainment, etc.. the lot. Or do you people think these ultra rich simply arrive in NYC and stay holed up in their apartments. All that employment/services are provided by people who themselves are taxed and spend, so there is a multiplier effect.
And so it goes....
New Yorkers both in Albany and the city are famous for wanting to tax the wealthy for ages now. Already this state has one of if not the highest taxes on all sorts of wealth. That in turn has prompted many to leave, and or otherwise reduce their exposure at least for tax purposes.
Finally as anyone who has studied economics can say; when you tax something it usually always results in less of an activity and or ways are found to avoid. As such proposed taxes never wholly bring in projected revenues (which usually are very rosy estimates), but rather have the opposite affect. Activity declines so revenue isn't what was stated, so now either the tax rate must be increased or another implemented.
From the moment you get up in the morning and flick lights on you pay a surcharge/tax to MTA (on your electric bill). Pick up that telephone (landline or cell) you pay another tax to MTA. Go online? Yep, you pay another tax to the MTA. Own your home? You paid a mortgage recording tax to the MTA. Rent? Your LL paid taxes/surcharges to MTA. All this before you've set one GD foot out the door.
Take mass transit or cross a bridge/use tunnel to get to work? Yes, you paid to MTA. Your employer (or yourself if self-employed) pays a payroll tax to the MTA. Oh and every single thing listed above (lights, telephone, internet, etc...) paid by a business or whatever also pays same MTA surcharges/taxes.
well put. Someone owning a $50m condo and paying taxes & maintenance while not using resources is such a huge bonus to NYC. A bonus that most cities don't get. But sure lets tax the hell out of them and force them to leave because they are rich and evil.
We have a Trillion Dollar military budget to protect the way of life that ALLOWS someone to amass a $50 million apartment.
Police are for the protection of property. What can you imagine is the total police budget of the United Ststes another couple $Trillion.
Protection of capitalism costs PLENTY and we need to make sure that these costs are being borne by those being protected.
The Cold War$$$$$$$$ wasn't waged to protect ME against Communism, I don't have a $50 Million pied a terre on Park Avenue. We need multi-billion dollar aircraft carriers in the Persian Gulf to prop up the House of Saud, not to protect ME...or YOU.
If Mohammed bin Salman wants a New York Townhouse to run to if the people call for his head, let him pay DEARLY for the pleasure. If he prefers Peoria,or Scranton, I'm sure they would have him.
Obviously someone sat Cuomo and rest of government down in Albany, so the pied-a-terre tax is now dead or dying. State will just tax real estate transactions instead.
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