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tl;dr: it is a deliberate consequence of the NYC tax code to encourage real estate development.

• pmoriarty 5y ago
  Does NYC need more untaxable real estate for billionaires?
  • JAlexoid 5y ago
    No. It needs more permits for mid tier buildings. And stopping the 80/20 tax exemption(20% of affordable housing) Because it's very clear that the middle class in NYC ends up paying for the lower middle class... while the richest people get away with laughable taxes. Take the Hudson Yards redistricting example...
    • kevin_thibedeau 5y ago
      > Take the Hudson Yards redistricting example... You mean Southwest Harlem.
      • JAlexoid 5y ago
        I don't know why you got downvoted, because they have literally gerrymandered the zoning map, to make the average income of Hudson Yards be counted as part of Harlem. https://www.bloomberg.com/news/articles/2019-04-12/the-visa-program-that-helped-pay-for-hudson-yards https://www.bloomberg.com/news/articles/2019-04-12/the-visa-...
  • imtringued 5y ago
    Assuming all those condos actually sell and its not just an architectural competition where half the building is sitting unsold because everyone wants their apartment to be in the top half then yes. Are there unsold apartments? Then no because it means there are too many of those. If you don't give Billionaires what they want they will just buy up the next best thing, like the apartment that you are currently renting.