Zohran is doing too much. I hope he at least leaves the second yachts alone.
The intersection between those with a second home and having a yacht is probably not that many.
New York to tax luxury second homes in NYC
281–288 of 288 posts
Re: New York to tax luxury second homes in NYC
#282Earlier quoted context omitted.
Before long Mamdani will provide yet another proof of Thatcher's well-known dictum on socialism: The problem with socialism is that you eventually run out of other peoples' money
Given that a number of modern social and economic problems can be traced back to Thatcher and Reagan policies, anybody quoting Thatcher unironically should not be taken seriously.
What specific “modern social and economic problems” can be attributed to them? The 90s was a period of economic growth after their policies proved to be effective.
Re: New York to tax luxury second homes in NYC
#283Earlier quoted context omitted.
Spending political capital? Mamdani is gaining political capital with such taxes!
Gaining in some places and losing it in others.
Among a few ultrarich which amplify their voices by screaming through their media mouthpieces to make them sound like they're of any importance to society, from which they leech their wealth in the first place.
Re: New York to tax luxury second homes in NYC
#284Earlier quoted context omitted.
the political and financial elite of New York are coming to terms with the fact that they have completely lost the faith of the lower and middle classes in terms of maintaining or improving living standards. it has been interesting watching the media try to contort themselves to address this. The WSJ somehow managed to best the infamous "avocado toast" line about saving for a house by suggesting that current youngste…
> rotisserie chicken It has to be a deliberate joke, right? Isn’t rotisserie chicken the poster child for loss leaders? For all the reasons to buy it, luxury is the bottom of the list.
The rich have in my view become increasingly (outwardly) selfish and craven, so it makes sense that they are now associating with the vibes of apocryphal Marie Antoinette quotes.
Re: New York to tax luxury second homes in NYC
#285Earlier quoted context omitted.
The top 1% of NYC residents contribute 40-48% of all personal income tax collected in NYC. When you extend that to Top 2.5% you cross 51%. Personal Income Tax accounts for around 31% of collected NYC tax revenue. "The rich" also pay property tax. NYC's poorer residents generally don't have property to pay tax on. Everyone pays sales tax equally. So how exactly are the ultra rich paying "less taxes"?
Voters don't feel like it's a fair deal. Telling voters that their concerns aren't real is a losing strategy.
If you live in New York you rolled at least a 15 on life's D20. That's how good of an opportunity that location is. I started and lived most of my life there and started in poverty -- for there. That's still a better opportunity than most people ever get.
All these people pointing at the nat 20s losing their minds screaming like they rolled 1s.
Re: New York to tax luxury second homes in NYC
#286Earlier quoted context omitted.
With all due respect I am not sure how you can write this with a straight face. You premise is that "something that last long can't possibly not appreciate "?? I am sure you can find myriad of examples where this simply does not hold water. The housing is artificially inflated and you are one administration away (e.g. see current one for the kind of power we experience in 'democracy') from having your "investment" wo…
> You premise is that "something that last long can't possibly not appreciate"?? Not "something", housing. A pebble may last billions of years and not appreciate, but we're talking housing. Yes housing which last a very long time cannot help but appreciate because we always have inflation. The only exception is what you identified, if the town has an economic collapse. Then, sure, nobody wants to live there. Detroit…
It can easily not appreciate if more of it is built than is needed (glut of supply) or nobody wants to live in that places anymore (lack of demand).
There are multiple real examples of both, even in America.
Re: New York to tax luxury second homes in NYC
#287Earlier quoted context omitted.
taxing the rich is a how the fuck do we afford to take care of society thing, plain and simple. a poor government can’t provide services and infrastructure. anything else is framing and optics
Texting the rich when they’ve managed to get into the position of paying far less tax than almost everyone else is also the obviously right thing to do .
^ taxing
Re: New York to tax luxury second homes in NYC
#288Earlier quoted context omitted.
How will that tax result in more houses existing?
It will result in fewer second homes existing, therefore more first homes.
If you are just looking to massage the numbers so there are more first homes vs second homes percentage-wise without creating new first homes, then taxing luxury second homes may work. It has great potential to change the numbers on a spreadsheet.
Decreasing the number of secondary homes for the wealthy _does not_ create more first homes people can realistically afford though.