Turn private landlords into cartoon villains, squeeze all profit from rent regulated apartments, give tenants of rent regulated apartments permanent property rights in the leasehold that extend beyond the term of the lease, brag about the objective of forcing private real estate into the hands of savior NGOs, then sit back and watch the ensuing chaos.
It does make sense when you consider the socialist’s greatest fear that somewhere, somehow, someone might make a profit.
It makes no sense,” he fumed, adding that if Mamdani “wants to make a difference” on affordability, he should work with existing grocery stores.
The price of free market real estate in NYC is a function of total demand. It would be very unusual if raising taxes on a portion of those who create that demand didn’t reduce demand and thus prices. Perhaps the income taxes gained from new residents will offset the loss of real estate taxes. But I doubt the proponents of the tax did the math.
@rudegallllll@GarrAarghHrumph@Acalmbitchwitha@Mike_Peters_LGM Normally NY would allow a credit for the income taxes paid to the other state so NY would only get paid if the NY tax rate was higher. NY would also receive any taxes on investment income.
This is the most inefficient way possible to subsidize basic staples for those in need. It requires the City to build infrastructure that already exists (neighborhood bodegas), and hire or subcontract out a fully fleshed out business. It subsidizes these staples to anyone regardless of need who is willing to wait in line to buy them and is close enough to access the store. It will take months if not years to get the program off the ground. The money spent on all this could just as easily be directed to local businesses to offer the same basket of staples at a 30% discount. The purpose of this exercise is obviously not to help those in need but to advance a political agenda.
@edwinschindler@bern_hogan Your argument is a bridge too far for me. But my point is only that there is nothing new or unusual in taxing second homes at higher rates than primary residences. It happens all over the country and is simply a classic example of taxation without representation.
@edwinschindler@bern_hogan This seems wrong. Many localities tax second homes at higher rates than primary residences. Normally this is done by applying the tax rate to a higher percentage of the assessed value of the property. The NYC tax takes a different approach but is perfectly legal.
@DrEliDavid Your point that Iran can’t sell its oil made me think that their sporadic attacks on Hormuz shipping is a double edged sword. It creates uncertainty for them as well as the rest of the world. The next step for them is escalation against their neighbors which is already happening.