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New York’s Billionaires’ Row Is Half Empty

8 points by ushakov 5y ago

anshumankmr 5y ago
This is just a way for rich people to park their money in an investment that quite likely will only go up. This isn't a new phenomenon really or even local to New York city. I live in Delhi, India in a somewhat upmarket locality. Not too far from where I live there is an appartment complex called Kings Court, where appartments were I think in the range of 20-25 crore INR each (at the time of writing, that is 2,623,982.00 USD, something only the 0.1% can afford). Yet, I have seen very few people actually living there. There are some appartments that have people (as I see people in the balconies cause I have passed by it pretty much daily for several years). However, it is possible that people just haven't bought it but I don't see that as being likely.
- ushakov 5y ago
  in Mumbai there’s also Altamount Road https://en.m.wikipedia.org/wiki/Altamount_Road https://en.m.wikipedia.org/wiki/Altamount_Road
  - anshumankmr 5y ago
    I wouldn't say the colony I live in is the "Billionaire's Road" of Delhi. I would give that to probably Prithviraj Road , where I believe the raees/"vieux riche" live. However, unlike either Billionaire Roads, it isn't high density but spread out over a large area. A better term might be Billionaire's Colony,
Bostonian 5y ago
New York state and city encourage billionaires to live elsewhere for most of the year, since the income tax for those classified as residents of the city and state is high.
PaulHoule 5y ago
It's also true about the tony districts in London. It's well known that many mansions in the Hollywood Hills are owned by absentee owners. Sometimes they rent them out as party houses (like that one in Neil Strauss's The Game) or even office space (like that time we were partying on Friday evening when I was waiting to use the bathroom on the bottom floor with the project manager and we were looking at the OSHA safety sign while people were jumping into the wrong end of the pool.)

8 points by ushakov 5y ago

This is just a way for rich people to park their money in an investment that quite likely will only go up. This isn't a new phenomenon really or even local to New York city. I live in Delhi, India in a somewhat upmarket locality. Not too far from where I live there is an appartment complex called Kings Court, where appartments were I think in the range of 20-25 crore INR each (at the time of writing, that is 2,623,982.00 USD, something only the 0.1% can afford). Yet, I have seen very few people actually living there. There are some appartments that have people (as I see people in the balconies cause I have passed by it pretty much daily for several years). However, it is possible that people just haven't bought it but I don't see that as being likely.

ushakov 5y ago
in Mumbai there’s also Altamount Road https://en.m.wikipedia.org/wiki/Altamount_Road https://en.m.wikipedia.org/wiki/Altamount_Road
- anshumankmr 5y ago
  I wouldn't say the colony I live in is the "Billionaire's Road" of Delhi. I would give that to probably Prithviraj Road , where I believe the raees/"vieux riche" live. However, unlike either Billionaire Roads, it isn't high density but spread out over a large area. A better term might be Billionaire's Colony,

Bostonian 5y ago

New York state and city encourage billionaires to live elsewhere for most of the year, since the income tax for those classified as residents of the city and state is high.

PaulHoule 5y ago

It's also true about the tony districts in London. It's well known that many mansions in the Hollywood Hills are owned by absentee owners. Sometimes they rent them out as party houses (like that one in Neil Strauss's The Game) or even office space (like that time we were partying on Friday evening when I was waiting to use the bathroom on the bottom floor with the project manager and we were looking at the OSHA safety sign while people were jumping into the wrong end of the pool.)