Posted on 01/07/2020 10:28:16 AM PST by blam
New Yorkers are fleeing the state in drove due to high taxes. The result is an overabundance of home few can afford.
Bloomberg reports Manhattan’s Flood of New Condos Could Take Six Years to Sell.
“ Manhattan is glutted with even more luxury condos than most apartment-shoppers realize. The borough has 7,050 unsold, newly built units, according to a report by Halstead Development Marketing. The bulk of those -- almost 6,000 -- haven’t been formally listed for sale, creating an under-the-radar “shadow inventory.”
The secret supply is a heavy weight on a market in which sales, especially of higher-end properties, have slowed to a crawl. It would take take 74 months -- more than 6 years -- to clear all of Manhattan’s unsold units at the pace of contracts in 2019, the report shows.
Despite the allegedly booming economy, there is little interest in moving to Manhattan. Rather, people have has enough of taxes.
This is not at all surprising. New York, California, Illinois, and New Jersey are in the same boat. Those are the top four states with domestic out migration.
Tax The Rich, The Rich Leave
The Washington Times reports Wealthy Americans Flee High-Tax States, Take Billions with Them.
“ “Tax the rich. Tax the rich. Tax the rich. The rich leave,” New York Gov. Andrew M. Cuomo, a Democrat, lamented in February as he announced an anticipated revenue plunge in the Empire State. “And now what do you do?”
The $10,000 limit has left governors in high-tax states steaming and has sent Democratic politicians scrambling to try to offer breaks to the same wealthy Americans they usually demand pay their fair share.
“It is having a big impact,” said Chris Edwards, tax policy director at the Cato Institute. “There was migration before, but there has always been disputes about the causes with the data. Now I suspect a lot of people are just getting fed up.”
Exodus Just Beginning
Please consider New York, California High-Tax State Exodus Just Beginning
“ The cap on state and local tax (SALT) deductions has already begun to drive some residents away from high-tax states like New York and New Jersey, but experts say that trend is only going to intensify.
“It took a few months for taxpayers to realize the dollar implications – until they actually filed their tax returns this year,” Alan Goldenberg, a principal at Friedman LLP, told FOX Business. “It quantified the impact of the loss of the SALT deduction when people saw it in front of their eyes on their tax return.”
The Tax Cuts and Jobs Act introduced a number of reforms, including the notorious $10,000 cap on state and local tax deductions, which has caused Americans to look into establishing legal primary residences in states where they can limit their liabilities.
(snip)
The South is being invaded - still....
They will cheer and smugly pat themselves on the back when they turn Texas blue.
More like metastasizing.
Well, I guess the prices will have to come down.
If this couch wasn’t so comfortable, it would be 278.
Honest though, Staten Island’s nice.
I hear about the city falling apart, and read about it, but if I didn’t I would think it’s the same old same old.
It’s good to have no subways from the other boroughs.
Don’t forget Illinois. . .313 per day.
https://www.thecentersquare.com/illinois/reports-leave-illinois-every-day-for-other-states-per-day/article_3a50b40a-a41d-11e9-9602-df9616fca1fa.html
I moved from Seattle to Kentucky. I pay, for a home and 32 acres, $250 a YEAR in real estate taxes. My father lives in Kent, WA on 3 acres. He pays $10,000 a year.
This is one of the reasons I moved to KY. It was the closest I could get to “cost of living” expatriating without actually leaving the country.
Then again will wonder why everything is so expensive.
Man i’m sure the moving has some impact but I thought you people was Texas tough or Georgia rough or whatever the #### your motto is :)
You’re really mostly a bunch of bitch whiners :)
Your yoots are changing their votes too so check in your own backyard.
And man the f..k up. :)
WOW, i’ve not heard this much bitching and crying since I sat in on my nephews’ pre school class :)
Hire Andrew Cuomo if you want people to leave your state.
KY is nice. Great-grandfather was a coal miner in Weir, KY. I’m paying about 1K in prop taxes...sigh...
File under “No good deed goes unpunished”!
Past time citizens of the sane states stopped subsidizing the liberal high-tax states.
But the down-side is that this is encouraging the liberals to infest the sane states.
No way to win, we continue subsidizing them to stay in CA, NY, etc. and if feels like an extortion racket.
We stop subsidizing them and they move into our states to escape the high taxes, then demand the same stupid policies be implemented here.
“Tax the rich. Tax the rich. Tax the rich. The rich leave,” New York Gov. Andrew M. Cuomo, a Democrat, lamented in February as he announced an anticipated revenue plunge in the Empire State. “And now what do you do?”
How about you CUT SPENDING you f’n brainless twit!
Going to Dallas, Austin and Phoenix areas.
Drats!!
Revisionist much?
Kind of like Michigan’s population loss in 2009 when they had a commie moron governor.
Look for a reprise with their current incompetent.
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