I’d be fine with $50 million dollar apartments if the owners paid 1% per year in real estate taxes, but in NYC the law is ridiculous and based on equivalent re

I’d be fine with $50 million dollar apartments if the owners paid 1% per year in real estate taxes, but in NYC the law is ridiculous and based on equivalent rent and there are no equivalent rentals. Taxes on a $50 million dollar condo are about $50k per year rather than $500k.