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PeaceWave

(3,616 posts)

8. Presumably, property tax revenue would stay at least where it currently is...

Reply to MichMan (Reply #7)

Sat Apr 18, 2026, 09:24 PM

Saturday

...but the interesting thing will be what happens with income tax revenue. There is nothing in any of Mamdani's tax proposals to stop some wealthy guy who only owns one residence in NYC from simply selling that place and buying into some upscale part of Connecticut while renting a second place in NYC. In this way, that guy would continue to pay existing NYC income tax but dodge any wealth and property taxes Mamdani has planned for the wealthy.

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On Tax Day, Mamdani Taxed the Rich [View all] Celerity Saturday OP

People talk about rich people leaving a town if they're taxed as if that's a bad thing. Scrivener7 Saturday #1

I'm glad she got out of Mamdani's way on this issue. It IS worth doing. The ultra-rich need to pay their way. ...n/t CaliforniaPeggy Saturday #2

glad to see you are feeling better my dear Peggy! Celerity Saturday #3

Thanks so much, my dear Celerity! My recovery is pretty sluggish, but it's happening. CaliforniaPeggy Saturday #5

Why specifically target those that don't live there full time? MichMan Saturday #4

I believe the intention was to get property tax dollars out of those who were leaving the city... PeaceWave Saturday #6

That makes some sense MichMan Saturday #7

Presumably, property tax revenue would stay at least where it currently is... PeaceWave Saturday #8

Also, NYC has become the land of money laundering absentee owners. Saudis and billionaires and Scrivener7 Saturday #9

Why not just double or triple their property taxes? MichMan 17 hrs ago #10

They could do that. Or they could do this. They chose this. Scrivener7 17 hrs ago #11

They would get a lot more revenue this way, because it would apply to all owners, whether they lived there or not. MichMan 17 hrs ago #12

Again, they could have chosen that, but they seem to want to go after the absentee owners with this. Scrivener7 17 hrs ago #13

Do you think housing prices are a problem in New York City? W_HAMILTON 17 hrs ago #14

I only visited once about 20 years ago while in NJ for work, so can't say MichMan 17 hrs ago #15

Yes, that's what the article explicitly said. W_HAMILTON 16 hrs ago #16

I don't see where the Mayor says anything about intent of the tax being about affordable housing. MichMan 6 hrs ago #17

Why does he need to say it ? More houses available for sale JI7 4 hrs ago #19

You may be right; the extra 0.35% might just be enough to make a difference. MichMan 3 hrs ago #20

Why are they buying up houses which increase the cost of all housing ? JI7 4 hrs ago #18

Their apartments are empty most of the time, while others go homeless. thought crime 3 hrs ago #21

Hopefully, all of them will sell and leave for good MichMan 3 hrs ago #22