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Seven buildings. That's not representative of...anything. It's not even worth talking about. And the effects are largely positive for the city, anyway. You've g
by dionidium 4y ago
Seven buildings. That's not representative of...anything. It's not even worth talking about. And the effects are largely positive for the city, anyway. You've got a few big, empty buildings concentrated on one street where billionaires park their money, pay a bunch of property taxes, and use zero city services. That's an unqualified win.
- lupire 4y ago
- ineptech 4y agoNo idea why you're being downvoted. This meme (rich people buying luxury condos, letting them sit vacant, and then profiting somehow) doesn't make any sense, and that article posted as evidence for it undermines it by depicting those units as being un-rentable due to oversupply in the market.
- EricDeb 4y agoit makes total sense you park your money in an asset that will increase in value over time. you don't need to actively use it.
- ineptech 4y agoAnd in the meantime, they choose not to rent it why? The intuitive answer is: they're hard to rent, because there's way more luxury condos available to be rented than people who want to rent them, and it was a bad investment that the rich person will probably lose money on (if not in absolute dollars, then in comparison to some other property that is desirable to rent). But a lot of people in this thread seem to think it's intentional and rich people have some devious way of making more from a vacant condo than a rented one.
- EricDeb 4y agoNYC has super low property tax. It's a win for no one
- dionidium 4y agoIf I were faced with a situation where the taxes were sub-optimally low, then I would simply raise the taxes, instead of trying to remake the entire concept of private property.
- colinmhayes 4y agoAttracting billionaires is a win. Even if they’re just there for a couple weeks a year they’re providing a lot of prestige.
- sbf501 4y agoIt represents several billions of dollars worth of luxury real estate left vacant, and obscuring central park. If you want to call that "nothing" then there is no reaching you.