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So... Wealthy foreigners buy in Brooklyn or Williamsburg... Raising the prices in places there. I'd say - just kill all "rent stabilization" in sub-100th st on

So... Wealthy foreigners buy in Brooklyn or Williamsburg... Raising the prices in places there. I'd say - just kill all "rent stabilization" in sub-100th st on Manhattan and move all social housing out. Sell the land to the millionaires and put up sales taxes for non-residents elsewhere in NYC to 50%. Let the millionaires fight it out in Manhattan... they already do that today!

gamblor956 8y ago
Raising the sales tax to 50% for non-residents wouldn't accomplish anything since the problem is that the non-residents aren't residing in NY. Sales tax doesn't apply to real property sales, so presumably you meant to suggest a real estate tax that would only apply to non-residents...which could be trivially avoided by hiring a token caretaker to pay utility bills, turn on the lights, etc., to make the property look occupied (which is what Chinese investors have been doing since Vancouver introduced the vacant property tax.)