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If I remember right there was originally a separate form for NYC taxes so NY'ers had to file 3 forms -- federal, state and city. At some point it was combined with the state form to save administrative costs. Maybe at the time the city almost went bankrupt (1975)?
Concerning, yes. Alarming? I don’t think so. You want to run the numbers? If the top 1% contributed about 4.5$ billion in NYC annual income taxes last year, even if you remove $1bn from the equation( remains to be seen where the needle moves as far as the collection), we’re still talking about a city budget of 89.1bn a year. The article says that the income of top 1% rose by about 50% since 2009. But I know the spending rose too. It remains to be seen what the rich will do, but the most important factor as far as the city not going broke is jumpstarting the economy
Yes, alarming. Because if you read between the lines, it's not like the city stopped being attractive to the rich but is fine and dandy for everyone else. And it's not like the rich are the only ones with the means to leave. The middle class will follow, little by little. And the more self-sufficient people leave, the more the balance is tipped toward a city filled with aid recipients who don't contribute much to income taxes or sales taxes. On top of which, we've lost most of the tourist economy. Not good.
Yes, alarming. Because if you read between the lines, it's not like the city stopped being attractive to the rich but is fine and dandy for everyone else. And it's not like the rich are the only ones with the means to leave. The middle class will follow, little by little. And the more self-sufficient people leave, the more the balance is tipped toward a city filled with aid recipients who don't contribute much to income taxes or sales taxes. On top of which, we've lost most of the tourist economy. Not good.
ur wrong, about half the apartments in the city are for middle class/ poor earners. I'm not going into the fraud involved, but most renters in RSU are "low" earners and can't afford to move:
I don't think you have checked the price of suburbs in the state of NY. From NYC all the way to North White Plains you'll see nothing but NYC rental prices and Million dollar homes with higher property taxes. It actually costs MORE to live in the surrounding suburbs than the city. Middle Class salaries can't afford Yonkers(some parts)-Tuckahoe-Bronxville-Fleetwood-Woodlawn (gentrified now)-Scarsdale-Hartsdale-White Plains etc.
The avg bloke will be paying the same price without the NYC amenities and needs the added expense of a car. People still don't want to believe the real estate game in NY is a scam. It goes back decades, but basically its NIMBY call it how I see it. Suburbs don't want apartments in their backyard. I'm not going into the other racial issues and it has nothing to do with costs. Developers have a keen interest to penetrate the multifamily market in these communities, but it gets voted down every time and so homelessness increases in the cities. Even luxury $3-4K/m apartments get shutdown or if approved relocated to the outskirts of town. The only other alternative is to move to a lower COL state with approval from HR hoping pay doesn't get docked. So yeah middle class and especially the poor are stuck ****ed w.e.
I don't think you have checked the price of suburbs in the state of NY.
You're assuming that if these people leave, they will go to NY's suburbs. Which is just laughable. Seriously, thanks for the laugh, I needed one tonight. I think they'll be going a lot further, if/when they do get moving. This is def not a problem for the rich, and it's not much trouble for the middle class if they've decided it's not worth staying here any more. For example, I've had a lot of family members and several friends move to Texas in the last two years. None of them had a hard time findng jobs or affordable places to live.
ur wrong, about half the apartments in the city are for middle class/ poor earners. I'm not going into the fraud involved, but most renters in RSU are "low" earners and can't afford to move:
I don't think you have checked the price of suburbs in the state of NY. From NYC all the way to North White Plains you'll see nothing but NYC rental prices and Million dollar homes with higher property taxes. It actually costs MORE to live in the surrounding suburbs than the city. Middle Class salaries can't afford Yonkers(some parts)-Tuckahoe-Bronxville-Fleetwood-Woodlawn (gentrified now)-Scarsdale-Hartsdale-White Plains etc.
The avg bloke will be paying the same price without the NYC amenities and needs the added expense of a car. People still don't want to believe the real estate game in NY is a scam. It goes back decades, but basically its NIMBY call it how I see it. Suburbs don't want apartments in their backyard. I'm not going into the other racial issues and it has nothing to do with costs. Developers have a keen interest to penetrate the multifamily market in these communities, but it gets voted down every time and so homelessness increases in the cities. Even luxury $3-4K/m apartments get shutdown or if approved relocated to the outskirts of town. The only other alternative is to move to a lower COL state with approval from HR hoping pay doesn't get docked. So yeah middle class and especially the poor are stuck ****ed w.e.
Actually, in the previous couple of years (before covid) NYC had been already losing population - not rampantly, but population balance had been slightly negative. During that time, the borough with the greatest number if people moving out of NYC was Queens, known to be a predominantly middle class borough. Maybe the ex-New Yorkers can't afford the NYC suburbs, but they surely can afford suburbs of many cities in TX.
ur wrong, about half the apartments in the city are for middle class/ poor earners. I'm not going into the fraud involved, but most renters in RSU are "low" earners and can't afford to move:
I don't think you have checked the price of suburbs in the state of NY. From NYC all the way to North White Plains you'll see nothing but NYC rental prices and Million dollar homes with higher property taxes. It actually costs MORE to live in the surrounding suburbs than the city. Middle Class salaries can't afford Yonkers(some parts)-Tuckahoe-Bronxville-Fleetwood-Woodlawn (gentrified now)-Scarsdale-Hartsdale-White Plains etc.
The avg bloke will be paying the same price without the NYC amenities and needs the added expense of a car. People still don't want to believe the real estate game in NY is a scam. It goes back decades, but basically its NIMBY call it how I see it. Suburbs don't want apartments in their backyard. I'm not going into the other racial issues and it has nothing to do with costs. Developers have a keen interest to penetrate the multifamily market in these communities, but it gets voted down every time and so homelessness increases in the cities. Even luxury $3-4K/m apartments get shutdown or if approved relocated to the outskirts of town. The only other alternative is to move to a lower COL state with approval from HR hoping pay doesn't get docked. So yeah middle class and especially the poor are stuck ****ed w.e.
Yes, alarming. Because if you read between the lines, it's not like the city stopped being attractive to the rich but is fine and dandy for everyone else. And it's not like the rich are the only ones with the means to leave. The middle class will follow, little by little. And the more self-sufficient people leave, the more the balance is tipped toward a city filled with aid recipients who don't contribute much to income taxes or sales taxes. On top of which, we've lost most of the tourist economy. Not good.
Yes, alarming. Because if you read between the lines, it's not like the city stopped being attractive to the rich but is fine and dandy for everyone else. And it's not like the rich are the only ones with the means to leave. The middle class will follow, little by little. And the more self-sufficient people leave, the more the balance is tipped toward a city filled with aid recipients who don't contribute much to income taxes or sales taxes. On top of which, we've lost most of the tourist economy. Not good.
I think even you realize that much of what you expressed is speculation. Even the article was making what-if scenarios more so than stating concrete, real scenarios. We still don’t know the full impact on labor, who’ll leave and who’ll stay. What does alarming look like ? Is it more crime than in other cities ? How do you measure it?
What we know today is how other crises played out in the past - the city always rebounded, unlike cities like Detroit. And today nyc arguably has a more diverse economy, a tech sector comes to mind. Who is to say that a huge chunk of taxpayers will up and go ( and won’t be replaced)? NYC offers something very unique - diverse cultures, walkability, bike paths, arts scene, a lot of different employment opportunities etc etc. It’s a global hub as much as it is a city of lots of different neighborhoods.
This isn’t to say the city won’t be broke, it already is. People’s taxes is just one source of funds for the city. Like I said, they need to jump start the economy again. The stimulus would help for sure, but city needs to seriously streamline and cut its operations to avoid moral hazard (though this won’t happen).
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