New York City is home to 118 billionaires, more than any other American city. New York City is also home to nearly one million millionaires, more than any other city in the world. Among those millionaires some 8,865 are classified as “high net worth,” with more than $30 million each.
They pay the taxes. The top one percent of NYC taxpayers pay nearly 50 percent of all personal income taxes collected in New York. Personal income tax in the New York area accounts for 59 percent of all revenues. Property taxes add in more than a billion dollars a year in revenue, about half of that generated by office space.
they have detroit as an example to learn from, but liberals are like religious people , they can not learn their way out of their brain-washed ways.
This article entirely misunderstands what money is. These people are wealthy – have money – because they created real benefits for other people. But surely some people in NYC merely married into wealth, inherited it? True. And all the other people in NYC? They are no different. They too want access to this wealth.
Oopsie.
New York City was a world all its own, thousands of Bars and Restaurants, dozens of Broadway Plays, hundreds of Movie Theaters, tens of Famous Museums, Parks, Landmarks, Times Square, Fifth Avenue, Madison Avenue, Wall Street, and on and on.
NYFC USED TO BE All That. Now everything is closed up for the rest of the year. No restaurants, No bars, No Broadway, No movies. NO Entertainment.
What about the shopping? Remember window shopping with all the glorious clothes, the shoes, the sporting goods? It is all plywood now. Nothing to see, not much on sale. The streets are empty, except for addicts, piss bums, and the possibly dangerous insane unmedicated crazies. Heck, they are even housing the homeless in upscale hotels on the Upper West Side. Who wants to leave their multimillion codo and get swarmed on the street by these vagrants?
Trophy Wife would rather be in Miami or Dallas, or even *gasp* Orlando.
NYFC might recover in 2021, but with Cuomo the Lesser and Werner Wilhelm Deblasio in charge? Smart money will take the under. Even if 3/4 of the millionaires and billionaires return, the budgets are blown, and the poor will not accept No! They want their bread, circuses, and their drugs and booze.
Looks like one of the consequences of being a lawless socialist city will be bankruptcy. Quick, blame it on the whu who flu, heaven forbid that government idiocy and their policies would be responsible.
“COVID is driving the wealthy and their offices out of the city. No one will be left to pay for the poor, who are stuck here, and the city will collapse in the transition.”
It isn’t the Wuhan Flu that is driving the wealthy out of NYC. China’s Biological Warfare is just the means to an end.
But the oceans are rising anyway. Best to get to high ground sooner than later.
When poor people (and the middle class) think they can just take the money from the rich by voting for AOC or Juthtin types they soon find out where the tipping point is…and then they double down their bet and lose it all.
Wait for Biden’s energy policy. Can you say blackouts NYC?
Big ships coming up fifth ave will be a real bummer.
What about the offices now that people are working from home? Surely the bean counters for these companies see that they no longer need to pay for that space. Not to mention the lost revenue for public transit since their are fewer commuters.
Yes. Here in Alberta, with a provincial government in year 6 of a debt spiral, with a federal government over a trillion dollars in debt, and our two major cities bumping up against their borrowing limits, the stupid mayors Iverson and Nenshi have both signed off on constructing brand new multi-billion-dollar commuter LRT rail lines. We can’t afford them. We haven’t started paying for previous LRT lines. Some of these newly-built LRT lines still don’t work properly. Anywhere from one-third to two-thirds of downtown commuters will not ever be returning to their offices. And yet these socialist idiots still can’t stop themselves from spending. Now Minister of Everything Freeland (appropriate name) wants to slam even more northern pesos into windmills and solar panels.
People are leaving the big cities all over North America. Here in rural BC we are being swamped by people from Vancouver and Calgary. They are not just seniors but young families with transportable, work at home skills. These people will discover that the political power resides in the large urban areas and that rural constituencies are used and abused. I don’t see that changing.
The tolerance for progressive corruption stays in place as long as the voters that tolerate it keep on the receiving end of the benefits.
When the benefits end, they become conservatives.
The silver lining is that due to the drop in population, it means redistribution of representation.
If the majority or reps out of NYC are democrats, this is their existential crisis.
This reminds me of what happened in France about 5-6 years ago. The French Government decided to tax the super-wealthy up to 95% of their income and made it retroactive by 5 years. Quelle Surprise! The wealthy stashed their money in off-shore tax havens (Bahamas, Cayman Islands, Switzerland), put their smart condos/apartments into limited companies (which were NOT taxed heavily – especially if they were off-shore), and continued to live on the Champs Elysees. The government had to backtrack PDQ and actually many of the rich realized that this was a smarter financial solution all round.
Even billionaires are two-a-penny these days; how come my salary hasn’t gone up in 18 years?
Yes, a rhetorical question. There has been inflation over the last 20 years, mostly asset inflation and necessary things such as food, housing, insurance.
That constant Q E sure pushed prices up. Canada is suffering from a debt/inflation spiral that is going to get much worse. How the hell does a young family with good incomes, let’s say a total of 150k to 200k buy a 600k home and have a family?