Zohran Mamdani...
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
Huh? The rich billionaires are buying the 30-100 million apartments on billionaires row. They are not buying up the 900k basement apartments in 150 year old brownstones that people of middle class income can afford. Also, his plans call for money to come from the rich residents in NYC who he can tax. Without their money, he has no funds for his programs. Many of the billionaires will simple leave NYC like many have already, and the tax base will be decimated. His programs will fail miserably without the money to pay for them. |
Anonymous
Great, you can be so smug if it happens. It won’t, but maybe you’ll STFU in the meantime :) |
Anonymous
Wow, You are so tolerant of any point of view not similar to yours? Maybe your parents should have raised you better? Yeah, normal people are not looking at 50 million dollar apartments in Billionaire’s Row. So I don’t really think these foreign rich investors are taking away the typical apartment in NYC, let alone the ones in the Bronx or Brooklyn. |
Anonymous
His supporters are obviously low IQ. |
Anonymous
Those $50M condos drive up the prices of all the modest 1BR apartments in the surrounding blocks. Case in point: Carnegie House on West 57th https://www.wsj.com/real-estate/carnegie-house-midtown-manhattan-billionaires-row-nyc-feb893dc |
Anonymous
Agreed. |
Anonymous
You'd need to be making around $220k to reasonably afford a $900k home. That's top 5%, not so much "middle class" - top end of middle class. I think a lot of DCUM posters are out of touch with what the average American actually brings home. Median US HHI is $75k. Middle class nationally is $50k to $150k. Multimillion dollar homes are not even remotely the norm for the average American. |
Anonymous
If they leave, where will they go where this won't happen to them and where they don't own already? And what is to say same sentiments aren't going to rise if they haven't already in other cities? |
Anonymous
In NYC 900K is an apartment, not a home. Even fixer upper homes in remote parts of outer boroughs that's not the hood are north of 1 mil. In Manhattan 900K will only buy you a decently sized one bedroom in an older building or a convertible 2 bedr. On top of mortgage you will be paying at least 2K in fees and taxes. People making 220K cannot afford them with conventional DP and mortgage rates today. |
Anonymous
Well, to build all these new luxury towers older buildings (especially tenement like walkups) are getting razed eliminating supply or more affordable dumpy older apartments. A lot of these new buildings get tax breaks in exchange for allocating a few apartments to lower income residents. Of course these are lower floor wall facing undesirable units, and it's only a small percent of these units that gets brought up in place of many more razed old dumpy cheaper units. The rest are for top 1-2% . When the land gets this expensive you cannot make profit or maybe even break even building affordable units unless they are micro-units or something dorm like. Which may be is going to be the future in very HCOL cities soon enough. |
Anonymous
No the billionaires, how few there are, are not leaving NYC to go to tax friendly Duluth. It’s like the people who say they are leaving the US when Obama became president or Trump. |
Anonymous
|
The issue with NYC and all HCOL places (including our glorious suburbs) is a huge gap between price of rents and price of ownership. In NYC it is very dramatic diff prompting all the various calculators showing how you lose money owning vs. renting. In addition, competition for older rentals drives prices up because of replacement of older more affordable housing stock with new luxury housing stock built to the standards of wealthier people. This removes more affordable rentals from the market because only old LLs who bought long ago can afford to rent them out for anything close to affordable. Once old LLs sell, affordable rentals disappear.
|
Anonymous
There is nowhere for them to go where they don't already own. If their costs become too oppressive though they may sell. I know people with the networth over 130 mil and they are dying to get rid of their property that's become a maintenance money pit and want to invest all these millions elsewhere. While I doubt billionaires will sell, there will definitely be some exodus of high networth individuals to may find limited amount of time they spend in NYC not worth paying so much extra in terms of taxes. Will this create affordable housing for middle class? Not unless these units are subdivided into smaller places, and even then they are still only going to be avail to the top earners simply because they are largely located in luxury newer buildings, vs old coops where Manhattan middle classes tend to reside and recent grads tend to room together. |
Anonymous
Young people in 2016 are not the same young people. The young voters of today were in elementary school in 2016 so I don’t think old grudges matter to them. |
Anonymous
Yes this is where the Dems are failing with Mamdani. Especially Cuomo staying in the race. Who feels like associating with a party like this? It makes people very disaffected. Good luck getting these same people you disregarded to vote in 2026. |