The Mamdani Moments

[T. A. Gardner]

The whole point of this is to increase occupancies, so all three would be counted as wins. Living full time in the second home means they pay residents tax. That is worth far more to NYC than the second home tax.

Which hasn't happened anywhere else this was tried. Vancouver being the latest case.

Property taxes are taxes on assets. Whether the assets make money or not does not matter. This is the reason it is considered a wealth tax.

And when those assets devalue rather than appreciate...?

If you do not register the sale with the government, wouldn't the government continue to charge you the taxes?

The government simply continues to tax the property. But the tax classification changes from private, second home, to commercial rental property. That change could have a significant impact on what the tax is, and in this case likely lowering it quite a bit.

Not paying taxes due on a sale is illegal. It is simple as that.

Depends on the state. I've sold land using an escrow service to a cash buyer for a fee of just a few hundred dollars. Then reinvested the money in new land and paid ZERO sales taxes as a result. ZERO! I also paid zero capital gains tax as the money was reinvested.

What do you think an audit is? It is a justifying of the details of a business transaction. Your justification that you could not afford to live there anymore falls apart when you continue to live there.

Audits don't require justifying business decisions, only that the books balance and the accounting is sound. The IRS isn't going to look at some transaction and say "You know, that was a really bad decision you made there. Big loss. We're going to criminally charge you for that..."

Your claim is the one that's absurd.

In NYC it is unremarkable. List with an apartment agent, and you can get hundreds of showings immediately. Your claims that you had to rent to yourself at less than 1% of the market rent will not fly.

Not when the rent is say, $25,000 a month you don't. (On say a $6 million dollar penthouse suite) This new tax is on properties that are second homes valued over $5 million.

You have their tax returns, and yet cannot prove any of these "obvious tax scams"?

Hunter Biden was convicted of tax fraud. Joke's brother was too. Let's start there.

 

[cawacko]

I wish that I knew, cawacko. I think that people who haven't observed how other nations like Denmark, Sweden, The Netherlands and the like are able to draw the lines between private and public sectors in more progressive places and still enjoying prosperity doing it are disinclined to support serious change.

Many people who regard themselves as progressive believe in American Exceptionalism as much as the most nationalist conservatives do, and they make no effort to compare America to other nations. I don't see a solution to this. I still vote my values, but I have no optimism.

In fact, I will add this. Even the Bernies and AOCs are afraid to mention what other nations are able to do in comparison to us because they know it will turn the American Exceptionalists off.

In that vain did you happen to see the WSJ article this week on Sweden? (I'm not posting this as some gotcha attempt, rather just curious your thoughts on what's happening there) - (I can paste it if you want to read it but can't access it)

The World’s Most Surprising Capitalist Makeover Is Under Way in Sweden​

The shake-up of cradle-to-grave care is lowering government spending, spurring innovation and stirring fears about those left behind​

https://www.wsj.com/world/europe/the-worlds-most-surprising-capitalist-makeover-is-under-way-in-sweden-a7830619

 

[CasualLurker]

In that vain did you happen to see the WSJ article this week on Sweden? (I'm not posting this as some gotcha attempt, rather just curious your thoughts on what's happening there) - (I can paste it if you want to read it but can't access it)

The World’s Most Surprising Capitalist Makeover Is Under Way in Sweden​

The shake-up of cradle-to-grave care is lowering government spending, spurring innovation and stirring fears about those left behind​

https://www.wsj.com/world/europe/the-worlds-most-surprising-capitalist-makeover-is-under-way-in-sweden-a7830619

Thanks for the article. I find that discouraging.

 

[Into the Night]

And once again Squawkie defaults to repetition of personal opinion bereft of valid sources and documented historical facts. He"s finished, and will be eventually ignored.

You cannot deny what Democrats have done, Libby. Go learn what 'fact' means. You deny history and English. Fake ignore.

 

[Into the Night]

You always take a lot of time and space to essentially repeat yourself with a combination of a myopic review of facts and your opinions, supposition and conjecture.

Bottom line: the rich "job creators" are not mass exiting, the tax WILL NOT severely alter their lifestyle or incomes and like it or not we live by a set of laws that THE PEOPLE can change via majority vote. That's how we got Dump and Mamdani. Trump's approval ratings outside his base is 30% nationwide. Mamdani is the opposite. So your screeds and diatribes are but a piss in the wind.

They are exiting. Denying won't make it go away.
Argument from randU fallacies. Random numbers are not data.

 

[Into the Night]

It is my opinion that you definitely ARE WRONG. But your insistence that Socialism has NEVER worked despite the fact that China, DEFINITELY A SOCIALIST STATE, is set to become THE largest and most robust economy on the planet very soon (granted, with lots of help from Trump) , pretty much proves that you are wong.

TA, if you want to kid yourself on this issue...or meet some need in yourself by refusing to see that truth...fine. But if you announce this problem in posts here, I have to take issue.

Socialism is not a form of government. China is in severe economic crisis. It currently has a debt to GDP ratio of over 300%. Currency velocity is almost nil. People are saving and retiring, not buying. Socialism doesn't create wealth. It only steals it.

 

[Into the Night]

I wish that I knew, cawacko. I think that people who haven't observed how other nations like Denmark, Sweden, The Netherlands and the like are able to draw the lines between private and public sectors in more progressive places and still enjoying prosperity doing it are disinclined to support serious change.

Many people who regard themselves as progressive believe in American Exceptionalism as much as the most nationalist conservatives do, and they make no effort to compare America to other nations. I don't see a solution to this. I still vote my values, but I have no optimism.

In fact, I will add this. Even the Bernies and AOCs are afraid to mention what other nations are able to do in comparison to us because they know it will turn the American Exceptionalists off.

Socialism never works. It doesn't create wealth. It only steals it.
Mandani is a communist, a form of socialism.
Democrats support communism, fascism, and slavery; all forms of socialism...all based on the theft of wealth.

 

[مرگ بر آمریکا]

https://twitter.com/x/status/2055323296191926449

View: https://x.com/drew_ponder/status/2055323296191926449?s=20

 

[Taichiliberal]

They are exiting. Denying won't make it go away.
Argument from randU fallacies. Random numbers are not data.

All you've got is myopic repetition, which does not stand up to valid facts from reputable sources to the contrary, as the chronology of the posts shows. Carry on with you jackass braying.

 

[Taichiliberal]

You cannot deny what Democrats have done, Libby. Go learn what 'fact' means. You deny history and English. Fake ignore.

Just follow the chronology of the posts, dear readers, and see how insipidly stubborn and "opinion only" Squawkie is.

 

[Taichiliberal]

It's almost hard to believe you are touting this chicanery. You obviously know nothing about what the commie did to achieve this so-called balanced budget. It's more like a balancing act, and it will all come tumbling down. And it will be delicious. There's already an Exodus of capital from New York City, and well there should be.

Your opinions, suppositio and conjecture laden screeds are but a piss in the wind.

No, New York City’s wealthiest are not fleeing the city after Mamdani’s win

Conservatives warned of a mass exodus if the democratic socialist won, but experts, and property data, paint a very different picture

www.theguardian.com

 

[T. A. Gardner]

Here's a related example of the stupidity of such a tax (the second home tax) from Everett WA:

There, grad students at Eastern Washington State University have proposed that the city levy a "vacancy" tax on large commercial properties that are left vacant due to the leasee or owning company moving out. They argue that the tax would motivate the property owner to find and move in a new tenant.

Everett grad students propose vacancy tax for large retailers - HeraldNet.com

The tax, which the city has yet to formally consider, would be levied on larger storefronts vacant for more than 18 months.

www.heraldnet.com

In the case of the property in the story, a Fred Meyer grocery store, Kroger moved out. The property owner is a company in Florida. The students argue that a serious tax would net the city $1.9 million a year on that property and motivate the owners to find a tenant.

I say those students are fucking idiots. If I owned that lot and was looking at $1.9 a year in new taxes and the prospect of finding a tenant was slim, I'd bulldoze the building in a "redevelopment" effort. Once flattened and gone, I'd wash my hands of the situation and put the raw land up for sale, write off any loss in the process and go on about my business. No store, no tax.

If you say, Well, the law could prohibit destruction of the building... You'd never see another commercial building built in Everett WA. Who wants to be saddled with a building that could easily become obsolete or disused and then taxed to death?

Oh, as a side note, Kroger cited reasons for moving out and those included ones not supported by statistics. His idea that someone or some company must the totally truthful about the reasons they make a decision in business are full of shit.

 

[Taichiliberal]

A little separate but one of the issues that got Mamdani elected was the cost of housing. Have you noticed any change in the discussion towards needing additional supply in the past year?

Why New York’s Housing Shortage Could Cost It Congressional Seats​

Why New York’s Housing Shortage Could Cost It Congressional Seats

As red states build far more homes, New York’s stagnating housing production risks population stagnation and a projected loss of two U.S. House seats and Electoral College votes.

www.governing.com

This has been a problem for YEARS! Part of the Mamdani campaign was to address affordable housing. I'll watch what unfolds in the coming months.

Mamdani Administration Releases “SPEED” Reforms to Deliver Affordable Housing Faster

www.nyc.gov

 

[Taichiliberal]

I did disprove it. You didn't bother to read the links.

No, my predictions are based on solid research and historical fact. You just don't like it.

I read your links and provide other source that disprove major parts of what you believe. So in typical maga fashion, you just ignore it and repeat yourself in various ways. This makes your predictions worthless.

 

[T. A. Gardner]

I read your links and provide other source that disprove major parts of what you believe. So in typical maga fashion, you just ignore it and repeat yourself in various ways. This makes your predictions worthless.

So, you read the three links in post 61, hum? You clearly didn't understand what you read.

 

[Taichiliberal]

So, you read the three links in post 61, hum? You clearly didn't understand what you read.

POSTS #14, 72, 74, 91 for starters. And as always, the devil us in the details:

NYC comptroller gives thumbs up to proposed pied-à-terre tax, with some caveats

New York City Comptroller Mark Levine is giving a thumbs up to Gov. Kathy Hochul and Mayor Zohran Mamdani's proposed pied-à-terre tax. His approval, however, comes with several caveats.

www.cbsnews.com

 

[Into the Night]

All you've got is myopic repetition, which does not stand up to valid facts from reputable sources to the contrary, as the chronology of the posts shows. Carry on with you jackass braying.

Argument of the Stone fallacy. Cliche fallacies.

 

[Into the Night]

Just follow the chronology of the posts, dear readers, and see how insipidly stubborn and "opinion only" Squawkie is.

Argument of the Stone. YARP

 

[Into the Night]

This has been a problem for YEARS! Part of the Mamdani campaign was to address affordable housing. I'll watch what unfolds in the coming months.

Communism doesn't work, Libby.

 

[Into the Night]

I read your links and provide other source that disprove major parts of what you believe. So in typical maga fashion, you just ignore it and repeat yourself in various ways. This makes your predictions worthless.

Attempted proof by Stone.