Zohran Mamdani - Democratic Socialist Mayor of NYC

[Jeff Lebowski]

They will, in fact, foreclose on unpaid tax liens and fines. Shocking, I know.

He certainly did not limit it to those scenarios, but legally that might end up being be his only option for confiscation.

He is also adding a ton of new fees/costs to construction and then making it more difficult to sell. And requiring $40/hr minimum wage on all construction-related jobs. Add this on top of rent control, and I predict fewer people willing to take the financial risk of building in NYC. Everything he is doing is the exact opposite of what he should be doing and will make the problem (limited supply) worse, not better.

[LVAllen]

Confiscation of property is on the way.

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They will, in fact, foreclose on unpaid tax liens and fines. Shocking, I know.

[Jeff Lebowski]

Confiscation of property is on the way.

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[LVAllen]

It’s a really stupid populist gimmick. In isolation the impact will be limited, but in aggregate, things like this can have a significant impact on a city or state’s economic vitality.

Populism is stupid whether it happens on the right or the left.

I think that is exactly the argument they have used for promoting the tax. One or two millionaires buying places and leaving them empty most of the year doesn't have much of an effect. Once you get entire developments that are vacant most of the year, that starts to pose issues.

[Jeff Lebowski]

Financial Times wrote an article about how the wealthy feel about Mamdani's plans to tax them a bit more. The internet has been laughing at the folks quoted.

https://www.ft.com/content/3283eaab-...syn-25a6b1a6=1

Essentially, if you own a second house in NYC, but don't live there for more than 183 days, you don't get hit with income tax, but do get hit with the proposed tax. If they hate the proposed tax, they could simply move to NYC full-time, and avoid it entirely.

The really funny thing is that some of the people quoted in the article seem to be under the impression they are unique or special. That if they abandoned their plans to do... something.. in NYC, that they couldn't be replaced in a New York minute. If they pulled up stakes and sold their property, and refused to do anything in New York, what does the free market do? Say, "oh no! This potentially profitable idea can't be done now that this specific person won't be doing it!" Yeah, no. If a project is profitable, it will be done. And if it fails? It will eventually be sold to someone else who will repurpose the assets for something else to turn a profit. Do they think projects can't get financing if they aren't attached to it? In New York? Really?

It’s a really stupid populist gimmick. In isolation the impact will be limited, but in aggregate, things like this can have a significant impact on a city or state’s economic vitality.

Populism is stupid whether it happens on the right or the left.

[Moliere]

Financial Times wrote an article about how the wealthy feel about Mamdani's plans to tax them a bit more. The internet has been laughing at the folks quoted.

https://www.ft.com/content/3283eaab-...syn-25a6b1a6=1

Essentially, if you own a second house in NYC, but don't live there for more than 183 days, you don't get hit with income tax, but do get hit with the proposed tax. If they hate the proposed tax, they could simply move to NYC full-time, and avoid it entirely.

The really funny thing is that some of the people quoted in the article seem to be under the impression they are unique or special. That if they abandoned their plans to do... something.. in NYC, that they couldn't be replaced in a New York minute. If they pulled up stakes and sold their property, and refused to do anything in New York, what does the free market do? Say, "oh no! This potentially profitable idea can't be done now that this specific person won't be doing it!" Yeah, no. If a project is profitable, it will be done. And if it fails? It will eventually be sold to someone else who will repurpose the assets for something else to turn a profit. Do they think projects can't get financing if they aren't attached to it? In New York? Really?

The lack of financial acuteness on both sides of this thing is scary, but I don’t care becasue it’s NY and has impact on me…except for the somewhat looney conservatives fleeing the state to move to Texas, which actually also has virtually no impact on me.

[LVAllen]

Financial Times wrote an article about how the wealthy feel about Mamdani's plans to tax them a bit more. The internet has been laughing at the folks quoted.

https://www.ft.com/content/3283eaab-...syn-25a6b1a6=1

Essentially, if you own a second house in NYC, but don't live there for more than 183 days, you don't get hit with income tax, but do get hit with the proposed tax. If they hate the proposed tax, they could simply move to NYC full-time, and avoid it entirely.

The really funny thing is that some of the people quoted in the article seem to be under the impression they are unique or special. That if they abandoned their plans to do... something.. in NYC, that they couldn't be replaced in a New York minute. If they pulled up stakes and sold their property, and refused to do anything in New York, what does the free market do? Say, "oh no! This potentially profitable idea can't be done now that this specific person won't be doing it!" Yeah, no. If a project is profitable, it will be done. And if it fails? It will eventually be sold to someone else who will repurpose the assets for something else to turn a profit. Do they think projects can't get financing if they aren't attached to it? In New York? Really?

[dabrockster]

Brief interview of Ken Griffin on Mamdani doing a promo in front of his apartment. Interesting points he makes..

https://www.tiktok.com/t/ZP8pYHyBD/

https://www.tiktok.com/t/ZP8pYsab3/

[dabrockster]

Seattle’s Socialist Mayor gives a wave and say, “Bye Felicia” to millionaires exiting her city..

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As Starbucks looks to leave for TN and CEO is headed to Miami..

https://www.foxnews.com/media/seattl...eary-residents

[dabrockster]

Mamdani decides to call out Ken Griffin by doing a social media post touting his Billionaire Tax in front of his apartment complex and naming him in his video.

He is not even hiding who he is..

https://www.tiktok.com/t/ZP8g3QBnQ/

[Jeff Lebowski]

It’s only fair.

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[YOhio]

I’ve always been kind of annoyed when New Yorkers act like a bodega is some special unique New York entity. Like the rest of America doesn’t have shitty convenience stores with shady credit card readers, dusty boxes with paper price tag stickers, and grumpy Indians running the place.

So I was just thinking about how funny it is that they enthusiastically elected a socialist who ran on creating public grocery stores. Lol. Quiet admission that bodegas do actually suck.

[dabrockster]

Yeah but at some point you want to root for somebody to do something other than murder or enact revenge. Just one person! Even the younger brother who was initially sympathetic turned out to be a baddie if I'm recalling correctly.

I rooted for that wannabe gangsta kid turned cowboy who left and joined the 6666 Ranch. So. Happy Ending for me..

[YOhio]

Aren’t these homeowners already paying property taxes?

This all seems like performative nonsense.

Anything to keep from balancing a budget or investigating fraud.

[Jeff Lebowski]

Aren’t these homeowners already paying property taxes?

This all seems like performative nonsense.