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dust1990 t1_j7zryv1 wrote

Reply to comment by Soporific88 in NYC will have $4.9B budget surplus for 2023, watchdog says by mowotlarx

Agree with you public shouldn't subsidize professional sports stadiums.

But NYC's tax rates are too high and driving away the wealthy, who generate the most tax revenue that pay for services. If all of the rich people domicile in FL, there won't be any money for services. You can't sock it to the rich with high state taxes when they have other cheaper alternatives. It's Econ 101. Dems need to stop being so emotional about this and make NYC tax rates competitive. It will grow the pie for everyone.

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Rottimer t1_j82fsmf wrote

>But NYC's tax rates are too high and driving away the wealthy

I've been waiting for 40 years for this to happen. Instead we now have the most Billionaire residents of any city in the world. Not just the U.S., but the fucking world. Maybe, just maybe your thinking is flawed on this issue.

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dust1990 t1_j83oiag wrote

The absolute number of billionaire and millionaire residents goes up over time because of inflation.

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Rottimer t1_j843fhi wrote

Generally yes. But that has very little to do with why we have the most Billionaire residents in the world. That was not always the case, whether looking at it from absolute number or per capita. Despite having some the highest taxes in the country we have not chased away the rich.

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dust1990 t1_j8dp8p0 wrote

Data says otherwise. Sure NYC is crawling with wealthy. But SOO many living part time in their pied de terres. They have their tax residence elsewhere (suburbs, CT, NJ, Florida). If you lower rates to draw these people back, you'd have a ton of revenue to pay for services.

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mikevago t1_j8dmcuj wrote

Yes, New York City, famous for its lack of rich people. No wonder housing is so affordable!

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dust1990 t1_j8dnoho wrote

It’s popular to hate on wealthy people. But New York’s progressive tax system is hugely dependent on them. Alienate them enough so they move their tax flag and watch the system crumble quite literally.

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mikevago t1_j8dp1l9 wrote

I wasn't hating on wealthy people, I was acknowleding the reality that a very large number of them live in New York City, to the point where it's nearly impossible for a non-rich person to live in Manhattan or the western neighborhoods of Brooklyn and Queens. The idea that rich people are flooding out of New York just doesn't square with anything that has happened in the last 25 years.

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dust1990 t1_j8dqaj7 wrote

Real estate prices growing astronomically in the last 50 years has very little to do with more wealthy people living in NY. The wealthy have always been here. The problem is the supply of housing hasn't increased much since WWII. The population of the state in 1945 was about 13M and about 20M today, a 50+% increase when the number of units has actually decreased, especially in Manhattan and brownstone Brooklyn. If you want more housing to be affordable, you need to advocate for building more housing and calling out NIMBYs any chance you can.

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