5 ms·

My impression is that Bloomberg has consciously chosen the strategy of encouraging second home ownership in Manhattan as an attempt to decouple New Yorks servic

by zmanian 14y ago

My impression is that Bloomberg has consciously chosen the strategy of encouraging second home ownership in Manhattan as an attempt to decouple New Yorks service and consumer economy from the financial services sector. This trades off the progressive goals like affordable housing against providing a baseline of consumption activity to sustain NYC's tax base and its service workers.

rdl 14y ago
Do people not spending much time in NYC actually contribute much beyond property tax?
- zmanian 14y ago
  An apartment in a condo in NYC will be about $100k+ per year in fees and taxes. Dozens of people will be employed in the management and maintenance of the building. I've also got the impression that consumption of various luxury goods and services in NY is highly coupled to bonus season in the financial sector. Millionaires from Kansas etc are likely to consume such services like Broadway, Bergdorfs etc year around because there are a lack of equivalent services back home.
  - endtime 14y ago
    >An apartment in a condo in NYC will be about $100k+ per year in fees and taxes. [citation needed] Property tax in NYC is pretty low; this $3.35m condo in Tribeca is just over $20k/year in taxes and maintenance: http://streeteasy.com/nyc/sale/809162-condo-22-warren-street-tribeca-new-york http://streeteasy.com/nyc/sale/809162-condo-22-warren-street...
    - zmanian 14y ago
      It depends on the buildings amenities and staffing levels. You can find multimillion dollar properties with no staff but generally there is a dozenfull time staff members is a 100 hundred unit building
    - rayiner 14y ago
      That's a crazy-low condo fee.
- deleted 14y ago
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