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re: New York City hits two awesome milestones, highest rent ever and $11B tax revenue exodus
Posted on 7/15/26 at 11:16 am to BugAC
Posted on 7/15/26 at 11:16 am to BugAC
quote:
Right on schedule. Hey board libs, we told you this exact thing would happen the minute Mamdani was elected.
You didn't read the article at all huh?
quote:
Even before Mamdani took office, the Empire State’s share of the nation’s millionaires dipped from 12.7% to 8.7% between 2010 and 2022 – the largest decline of any state, according to the CBC’s Competitive NYS: Value Proposition Tracker dashboard.
quote:
“Had New York maintained its share of the nation’s millionaires over the past decade, personal income tax collections would have been substantially higher – roughly $10.7 billion more in tax year 2022.”
The number of millionaires in NYC doubled during the time frame of this study. The $11 billion in tax revenue they reference is based on shady math that hypothesizes what the tax revenue would have looked like if NYC 's share of total millionaires in the country had remained static since 2010.
1
Posted on 7/15/26 at 11:21 am to The Pirate King
Typically, housing is approximately 30% of income. So someone would have to make $16,000 so as not to be upside as a result of rentals (using the $5295 number). So at $16,000 per month take home, they would need a gross salary of approximately $263,000. Starving actor working as a cab driver is going to hit a wall at some point.
Posted on 7/15/26 at 11:21 am to GoblinGuide
quote:Because the people who are leaving don’t rent. They own mansions.
If everyone is leaving why are rents still high?
Posted on 7/15/26 at 11:23 am to Green Chili Tiger
The number of US millionaires tripled during that same time frame.
Posted on 7/15/26 at 11:29 am to the808bass
quote:
The number of US millionaires tripled during that same time frame.
What idiot came up with this talking point?
How many live in NYC?
Do they make up for 11 billion in lost tax revenue?
You know why we have more millionaires? Capitalism. It sure as hell isn’t because of Socialism.
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