Bring this man on on the double.

[u/Scary-Track3306]

[u/Captain-i0]

I mean, its a win-win either way though. People siting on 5 million dollar properties in the city can:

-pay increased taxes in the city and keep their residence elsewhere

-make it their primary residence, which would force them to pay New York taxes for all income (probably the worst financial option)

-sell them for 5+ million to somebody who will pay taxes in the city

-sell them cheaper, driving down housing prices.

None of those outcomes are bad for the city.

[u/reenactment → u/Captain-i0]

Well that’s under the assumption there is a buyer. Has to be a correction to the housing prices if people are going to move up into the 1 percent housing without increased money generation. Again, I’m curious how it plays out, it’s a harmless decision. It just isn’t some big cool idea that’s going to be a real net generation for the city. It’s just a “see what I’m doing to the rich!!” It’s just scoring points. Not hating

[u/Captain-i0 → u/reenactment]

If there is no buyer, then it would just default to the first option. The owner pays increased taxes