Author Topic: New York City loses hundreds of billions in wealth as rich residents skip town  (Read 2818 times)

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rangerrebew

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Published 16 hours ago
New York City loses hundreds of billions in wealth as rich residents skip town
Many rich residents fled to the suburbs or vacation homes to escape the city
 
By Brittany De Lea FOXBusiness

New York hesitant to raise taxes fearing continued exodus of residents to low tax states: Gasparino

Sources tell FOX Business’ Charlie Gasparino that state and local governments are facing budget deficits amid the coronavirus pandemic and hoping for federal money to fill holes.

New York City’s total wealth has fallen by billions of dollars over the past year – amid a severe coronavirus outbreak that has driven the richest residents out of town.

According to a report from New World Wealth and Webster Pacific, the combined wealth in the Big Apple fell by $336 billion in the 12 months ending June 30.

New York City’s total wealth was valued at $2.66 trillion, compared with $3 trillion during the same period last year.

https://www.foxbusiness.com/lifestyle/new-york-city-wealth-decline-rich-skip-town

rangerrebew

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Another liberal fail.  Cuomo had to be aware the wealthy were leaving NYC.  None loved the so much they would stick around forever.  Does he think they like the idea of prisoners being released to the city so they could empty Rikers island, a mayor who approves of rioters burning property, a mayor who is in a chronic fight with the police, who has defunded the police already, who tries to do more for illegal immigrants than Americans, etc. :thud:

Offline PeteS in CA

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The exodus of wealth has been going on for several years. The flip side of this is that NY's (and other states') zeal to pass screw-the-rich taxes also made NY, et al, significantly dependent on "the rich" to fund their states' budgets.
If, as anti-Covid-vaxxers claim, https://www.poynter.org/fact-checking/2021/robert-f-kennedy-jr-said-the-covid-19-vaccine-is-the-deadliest-vaccine-ever-made-thats-not-true/ , https://gospelnewsnetwork.org/2021/11/23/covid-shots-are-the-deadliest-vaccines-in-medical-history/ , The Vaccine is deadly, where in the US have Pfizer and Moderna hidden the millions of bodies of those who died of "vaccine injury"? Is reality a Big Pharma Shill?

Millions now living should have died. Anti-Covid-Vaxxer ghouls hardest hit.

Online Hoodat

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The exodus of wealth has been going on for several years. The flip side of this is that NY's (and other states') zeal to pass screw-the-rich taxes also made NY, et al, significantly dependent on "the rich" to fund their states' budgets.

They will now have to re-define who 'the rich' are.  Top tax rates that were once reserved for those making $1 million or more will now be applied to those making $100,000 or more.
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Offline Cyber Liberty

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Can the "wealthy" resist Andrew Cuomo's kind offer to cook them a nice dinner with wine?
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
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Offline txradioguy

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Can the "wealthy" resist Andrew Cuomo's kind offer to cook them a nice dinner with wine?

I sure hope they do and remain where ever they fled to.  And lets hope they left their Liberal voting habits in NY State as well.
The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.

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Offline Cyber Liberty

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I sure hope they do and remain where ever they fled to.  And lets hope they left their Liberal voting habits in NY State as well.

And that's the rub, they never do.  They're like locusts, moving from one state to another after depleting the local resources.
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
Castillo del Cyber Autonomous Zone ~~~~~>                          :dontfeed:

Offline txradioguy

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And that's the rub, they never do.  They're like locusts, moving from one state to another after depleting the local resources.

The so called "fly over country" is slowing getting squeezed and infected from both sides.
The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.

Here lies in honored glory an American soldier, known but to God

THE ESTABLISHMENT IS THE PROBLEM...NOT THE SOLUTION

Republicans Don't Need A Back Bench...They Need a BACKBONE!

Offline Smokin Joe

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Can the "wealthy" resist Andrew Cuomo's kind offer to cook them a nice dinner with wine?
Isn't that like Andrew Breitbart having dinner with Bill Ayers?
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

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Offline mountaineer

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Hundreds of new homeless turn UWS into a spectacle of drugs and harassment: residents
By Jennifer Gould, Jason Beeferman, Tamar Lapin and Laura Italiano
August 6, 2020 | 10:19pm
Quote
Upper West Side residents say three hotels that are housing hundreds of homeless men during the coronavirus pandemic have turned the area into a spectacle of public urination, catcalling and open drug use.

Among those staying at the luxury Belleclaire on Broadway and the Lucerne on West 79th Street, and the more down-market Belnord on West 87th Street, are people who are mentally ill, recovering from drug addictions, and registered sex offenders.

Ten sex offenders are staying in a single hotel — the Belleclaire, which is just one block from the playground of PS 87.

“It doesn’t feel safe anymore,” nanny Michele McDowall, 39, told The Post. ...
NY Post


I can't imagine why anyone wouldn't want this in their neighborhood.
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Offline IsailedawayfromFR

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“We’re trying to get people to come back,” Cuomo said during a press conference this week. “They’re not coming back right now. And you know what else they’re thinking, if [they] stay there, they pay a lower income tax because they don’t pay the New York City surcharge.”

The Governor is exposing the problem he helped create and gave the answer of why they are not back in NYC.

No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline LegalAmerican

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Another liberal fail.  Cuomo had to be aware the wealthy were leaving NYC.  None loved the so much they would stick around forever.  Does he think they like the idea of prisoners being released to the city so they could empty Rikers island, a mayor who approves of rioters burning property, a mayor who is in a chronic fight with the police, who has defunded the police already, who tries to do more for illegal immigrants than Americans, etc. :thud:


Right on!   POTUS TRUMP has also made his official home in FLORIDA.

Offline sneakypete

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They will now have to re-define who 'the rich' are.  Top tax rates that were once reserved for those making $1 million or more will now be applied to those making $100,000 or more.

@Hoodat

What could possibly go wrong with a plan like that?

I am sure the people making 100k a year in an expensive town like that will be THRILLED to be treated like Billionaires.
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

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It’s not too difficult to understand. I know quite a number of people who want to retire to a state with a lower tax rate than NY/NJ.

They want to go to states like AZ, NM, etc. Plus, there’s the fact you don’t have to shovel snow.

Several of my neighbors have brochures for Tucson and Sedona.
« Last Edit: August 08, 2020, 10:38:59 am by Gefn »
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Offline Smokin Joe

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It’s not too difficult to understand. I know quite a number of people who want to retire to a state with a lower tax rate than NY/NJ.

They want to go to states like AZ, NM, etc. Plus, there’s the fact you don’t have to shovel snow.

Several of my neighbors have brochures for Tucson and Sedona.
Who shovels? :shrug:

How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline PeteS in CA

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It’s not too difficult to understand. I know quite a number of people who want to retire to a state with a lower tax rate than NY/NJ.

They want to go to states like AZ, NM, etc. Plus, there’s the fact you don’t have to shovel snow.

Several of my neighbors have brochures for Tucson and Sedona.

Sedona's elevation is ~4300 feet, being located at the bottom of Oak Creek Canyon. The average high temps in December and January are right around freezing, and for three months of the year the average high temps are in the 90s. It's on the order of an hour's drive from Snow Bowl ski resort, so shoveling snow may not be necessary, but parts of the highway climbing out of the canyon and heading toward Flagstaff may be affected by snow. Sedona is quite beautiful, but New-Agey people have made it weirder than average. If availability of medical care is significant to your friends, nearby Flagstaff might be a better choice.
If, as anti-Covid-vaxxers claim, https://www.poynter.org/fact-checking/2021/robert-f-kennedy-jr-said-the-covid-19-vaccine-is-the-deadliest-vaccine-ever-made-thats-not-true/ , https://gospelnewsnetwork.org/2021/11/23/covid-shots-are-the-deadliest-vaccines-in-medical-history/ , The Vaccine is deadly, where in the US have Pfizer and Moderna hidden the millions of bodies of those who died of "vaccine injury"? Is reality a Big Pharma Shill?

Millions now living should have died. Anti-Covid-Vaxxer ghouls hardest hit.

Offline Cyber Liberty

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Sedona's elevation is ~4300 feet, being located at the bottom of Oak Creek Canyon. The average high temps in December and January are right around freezing, and for three months of the year the average high temps are in the 90s. It's on the order of an hour's drive from Snow Bowl ski resort, so shoveling snow may not be necessary, but parts of the highway climbing out of the canyon and heading toward Flagstaff may be affected by snow. Sedona is quite beautiful, but New-Agey people have made it weirder than average. If availability of medical care is significant to your friends, nearby Flagstaff might be a better choice.

If you want a berg that's lousy with the woo-woos, Chino Valley is the place to go, not far from Sedona.  And yes, Sedona is also a poor choice for right-thinking people....
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
Castillo del Cyber Autonomous Zone ~~~~~>                          :dontfeed:

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Online Hoodat

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@Hoodat

What could possibly go wrong with a plan like that?

I am sure the people making 100k a year in an expensive town like that will be THRILLED to be treated like Billionaires.

@sneakypete

I see what you did there.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline Smokin Joe

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Yeah, if that were more equitable, I would have paid at least a quarter million less in taxes from 2010-2015....money I could use today.
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline Idiot

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Yeah, if that were more equitable, I would have paid at least a quarter million less in taxes from 2010-2015....money I could use today.
You and me both....   :crying:

Offline roamer_1

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I sure hope they do and remain where ever they fled to.  And lets hope they left their Liberal voting habits in NY State as well.

That ain't how that works. The damn thing's gone to seed.

Offline roamer_1

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“We’re trying to get people to come back,” Cuomo said during a press conference this week. “They’re not coming back right now. And you know what else they’re thinking, if [they] stay there, they pay a lower income tax because they don’t pay the New York City surcharge.”

The Governor is exposing the problem he helped create and gave the answer of why they are not back in NYC.

That's the thing... There is an economy in volume. It should be cheaper to live in the city... But it never, ever is... Even in town compared to in the county... Cities are always MORE expensive, not cheaper. That means somehow that volume discount is being sucked up... and then some.

Offline txradioguy

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“We’re trying to get people to come back,” Cuomo said during a press conference this week. “They’re not coming back right now. And you know what else they’re thinking, if [they] stay there, they pay a lower income tax because they don’t pay the New York City surcharge.”

The Governor is exposing the problem he helped create and gave the answer of why they are not back in NYC.

It's the reason too that Rush...on the rare times he still visits NYC...is very careful about how long he stays there.  They still try to hit him up for taxes or an audit if he spends more than a few hours in the city.
The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.

Here lies in honored glory an American soldier, known but to God

THE ESTABLISHMENT IS THE PROBLEM...NOT THE SOLUTION

Republicans Don't Need A Back Bench...They Need a BACKBONE!

Offline sneakypete

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Who shovels? :shrug:



@Smokin Joe

Some people have bigger shovels than other people.
Anyone who isn't paranoid in 2021 just isn't thinking clearly!