New York City loses hundreds of billions in wealth as rich residents skip town

[rangerrebew]

 
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]

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.

[PeteS in CA]

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.

[Hoodat]

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.

[Cyber Liberty]

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

[txradioguy]

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.

[Cyber Liberty]

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.

[txradioguy]

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.

[Smokin Joe]

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?

[mountaineer]

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

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.

[IsailedawayfromFR]

“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.

[LegalAmerican]

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.

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

[sneakypete]

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.

[Gefn]

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.

[Smokin Joe]

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?

[PeteS in CA]

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.

[Cyber Liberty]

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....

[Bigun]

Tick - Tick - Tick
The Economy Bomb

[Hoodat]

@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.

[Smokin Joe]

Tick - Tick - Tick
The Economy Bomb

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.

[Idiot]

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....   

[roamer_1]

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.

[roamer_1]

“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.

[txradioguy]

“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.

[sneakypete]

Who shovels?

@Smokin Joe

Some people have bigger shovels than other people.

[roamer_1]

@Smokin Joe

Some people have bigger shovels than other people.

Yabbut, Smart people's shovels always have motors. 

[catfish1957]

Simple rule of the playground we all learned at age 5......

When the kid who owns all the toys goes home......   There are no toys.   

[Idiot]

We are having a building boom here in north central Texas.  My guess is Californians and New Yorkers fleeing to a better place.  Personally I think we need a wall to keep them out. 

[catfish1957]

We are having a building boom here in north central Texas.  My guess is Californians and New Yorkers fleeing to a better place.  Personally I think we need a wall to keep them out. 

Yep, the quicker they get here, the sooner we turn blue.   

[Cyber Liberty]

We are having a building boom here in north central Texas.  My guess is Californians and New Yorkers fleeing to a better place.  Personally I think we need a wall to keep them out. 

The next-best thing is to bottle them up in places like Austin, SA or Houston.  That way they don't dilute the votes of the Good People. 

[txradioguy]

The next-best thing is to bottle them up in places like Austin, SA or Houston.  That way they don't dilute the votes of the Good People.

 

[Cyber Liberty]

It still causes trouble for the state-wide offices, but it lessens the impact on all the down-ballot stuff substantially.  Now, the State has to be careful in next year's redistricting to ensure it.

[Bigun]

I reccomend one of these at every point of entry!

[txradioguy]

It still causes trouble for the state-wide offices, but it lessens the impact on all the down-ballot stuff substantially.  Now, the State has to be careful in next year's redistricting to ensure it.

Texas has been able to fend off for the most part the state wide incursions (Robert Francis and Abortion Barbie) because of the vast sea of Red that is the Republic of Texas.  The blue encroaching mainly comes from the areas.

Most Dems running for statewide office...at least time I really studied it were afraid to come west of the Brady and Llano area to campaign.

[sneakypete]

Texas has been able to fend off for the most part the state wide incursions (Robert Francis and Abortion Barbie) because of the vast sea of Red that is the Republic of Texas.  The blue encroaching mainly comes from the areas.

Most Dems running for statewide office...at least time I really studied it were afraid to come west of the Brady and Llano area to campaign.

@txradioguy

He who controls the cities controls the states,and he who controls the states controls the nation.

Rural people only SEEM important when a pol wants cash contributions.

If America is going to continue to be a free nation,we are going to HAVE to come up with some new way to vote that isn't based entirely on numbers because in the end,it will be the cities with their welfare programs that kill America.

[txradioguy]

@txradioguy

He who controls the cities controls the states,and he who controls the states controls the nation.

Rural people only SEEM important when a pol wants cash contributions.

If America is going to continue to be a free nation,we are going to HAVE to come up with some new way to vote that isn't based entirely on numbers because in the end,it will be the cities with their welfare programs that kill America.

Not how it works in Texas though.  And I'm seeing the same thing in Kentucky.  The Blue idiots are confined to the huge urban areas and that's it.

Texas is too expansive for Dems to consolidate power to be an influence in the state overall.  They haven't controlled anything since the days of Ann Richards and Mark White.

Kentucky outside of Louisville Lexington and Frankfurt is a red state as well. They are both states that have bigger populations outside the urban areas than inside.  That's how NY and California and the other blue hell holes are able to run the entire state.

The House and Senate in the Commonwealth are red majorities (like Texas).  Hell even the AG in Kentucky is Republican.  They are doing a great job of keeping Beshear and his Progressive plans well in check.

[sneakypete]

Not how it works in Texas though.  And I'm seeing the same thing in Kentucky.  The Blue idiots are confined to the huge urban areas and that's it.

Texas is too expansive for Dems to consolidate power to be an influence in the state overall.  They haven't controlled anything since the days of Ann Richards and Mark White.

Kentucky outside of Louisville Lexington and Frankfurt is a red state as well. They are both states that have bigger populations outside the urban areas than inside.  That's how NY and California and the other blue hell holes are able to run the entire state.

The House and Senate in the Commonwealth are red majorities (like Texas).  Hell even the AG in Kentucky is Republican.  They are doing a great job of keeping Beshear and his Progressive plans well in check.

@txradioguy
e
And the instant the left is able to flood both Texas and Kentucky with illegal aliens who need "free" food,housing,medical care,food,and spending money to outnumber the rural voters,it's over.

The "every vote is as important as every other vote" standard worked as long as Americans wanted to be free and in charge of their own lives. It doesn't work when the majority of the population wants to be a member of the Borg.

We can keep the voting system we have now IF we go back to demanding voters be property owners,literate,and can prove they have been paying taxes,but we are going in the opposite direction.

There are reasons for that.

[Fishrrman]

Pete wrote:
"If America is going to continue to be a free nation,we are going to HAVE to come up with some new way to vote that isn't based entirely on numbers because in the end,it will be the cities with their welfare programs that kill America."

So long as there is "one man, one vote", that cannot happen.
At least, not in "pre-revolutionary II" America.

Demography is destiny.
The future, in that regard, is... well, it's unstoppable.
But don't go blaming someone else.
Don't blame the non-Anglo hordes that come here.
They're just looking for what they think is a better life -- and compared to where they're coming from, it will be.

No, don't blame them.
"The fault, dear Brutus, lies not in our stars... but in ourselves."

[Bigun]

@txradioguy

He who controls the cities controls the states,and he who controls the states controls the nation.

Rural people only SEEM important when a pol wants cash contributions.

If America is going to continue to be a free nation,we are going to HAVE to come up with some new way to vote that isn't based entirely on numbers because in the end,it will be the cities with their welfare programs that kill America.

The thing hurting Texas most at present is a legislature  with 2/3rds of its members having Rs behind their names and a  Speaker who thinks it best to appoint Democrats to chair key committees in the name of bipartisanship!

[Smokin Joe]

Yabbut, Smart people's shovels always have motors. 

[txradioguy]

The thing hurting Texas most at present is a legislature  with 2/3rds of its members having Rs behind their names and a  Speaker who thinks it best to appoint Democrats to chair key committees in the name of bipartisanship!

Bonnen is a disgrace. Lt Gov Patrick isn’t much better. 

[Bigun]

Bonnen is a disgrace. Lt Gov Patrick isn’t much better.

I beg to differ!  Bonnen is a disgrace. Patrick is leaps and bounds better than that.  I've personally known the quy for a LONG time.  His REAL name is Dan Goeb. He picked up the Dan Patrick name when he emmigrated to Texas from Maryland many years ago.

[Idiot]

I beg to differ!  Bonnen is a disgrace. Patrick is leaps and bounds better than that.  I've personally known the quy for a LONG time.  His REAL name is Dan Goeb. He picked up the Dan Patrick name when he emmigrated to Texas from Maryland many years ago.

I had to look up the name thing....I've never heard that.  I supposed it makes sense that he changed his name since he was a broadcaster.

I like Abbott and Patrick, since neither has really hurt us. 

[Smokin Joe]

I had to look up the name thing....I've never heard that.  I supposed it makes sense that he changed his name since he was a broadcaster.

I like Abbott and Patrick, since neither has really hurt us.

It's sad when that becomes the standard. It should be one of who has done the best, not the least worst.

[Cyber Liberty]

It's sad when that becomes the standard. It should be one of who has done the best, not the least worst.

Congressperson:  "Mr. Clapper, did you lie to us?"
James Clapper:  "I gave the least inaccurate response."

[txradioguy]

I beg to differ!  Bonnen is a disgrace. Patrick is leaps and bounds better than that.  I've personally known the quy for a LONG time.  His REAL name is Dan Goeb. He picked up the Dan Patrick name when he emmigrated to Texas from Maryland many years ago.

https://www.texastribune.org/2020/01/29/dan-patrick-conservative-activists-disconnect/

[txradioguy]

It's sad when that becomes the standard. It should be one of who has done the best, not the least worst.

Exactly.

[Fishrrman]

So long as they stay "in NY state" -- move "up the river" a ways, or perhaps out onto "the island" -- they won't impact the Albany government much.

Of course it WILL impact the city's finances, but they'll make their usual move, and squeeze more from Albany to make up the losses, at least part way.

And because "the political weight" in New York state lies within New York City, if lil' Andy wants to be re-elected, he can't tee off NYC'ers too much...

[Smokin Joe]

https://www.texastribune.org/2020/01/29/dan-patrick-conservative-activists-disconnect/

From that article:

Meanwhile, some activists, many who view it as their job to hold officials accountable, say Republican leaders have reneged on some of their most important promises and are retreating from the right flank of the party in an attempt to prevent Democrats from gaining ground in 2020.

If the GOP is retreating from the Right, they have given the ground the Democrats most wanted to take. Unfortunately, this is all too common, and why the GOP is bleeding (Conservative) members who are fed up with the "Where else are you going to go?" attitude often taken.

Perhaps the young people I speak with aren't typical of the rest of America, but they begrudge every shimmy and squirm to the Left the GOP makes. They want a clear and evident choice that isn't Democrat Lite, and often see the divisions as pretty much Socialist/Communist (Democrat) vs left of center (GOP) vs the Right. By virtue of his not being Country Club GOP, they tend to put Trump on the Right (regardless of party).

[roamer_1]

https://www.texastribune.org/2020/01/29/dan-patrick-conservative-activists-disconnect/

“I don’t think some grassroots activists understand that making progress sometimes is evolutionary — not revolutionary,” said Jerry Patterson, a former land commissioner of Texas. “They expect home runs and won’t take doubles or triples.”

yeah... evolutionary... Sometimes it takes more than 35 YEARS without a win... That's the thing with evolution... millions and millions of years from now...

Meanwhile, some activists, many who view it as their job to hold officials accountable, say Republican leaders have reneged on some of their most important promises and are retreating from the right flank of the party in an attempt to prevent Democrats from gaining ground in 2020.

Then the right flank retreats from YOU. Why is it Dems cater to the far left, and Pubs spend their whole lives boot-stomping the right?

Excuses till the cows come home. And the chickens. Don't forget, the chickens WILL come home to roost.