Critics, including prominent business leaders, Republicans, and some moderate Democrats, have warned that slapping new taxes on rich people who maintain apartments and townhouses in New York, but don’t consider it their primary home, will just lead the very wealthy to abandon the city.
Prove it. Show me data where this has ever happened. People talk about the wealthy taking their ball and leaving when taxes like this are suggested, but places like NYC have way more to offer than just low taxes that keep the wealthy there. There’s a lot of room in that cost-benefit analysis for the city to raise taxes.
They aren’t going anywhere. They love NYC, that’s where all the good shit that a billionaire’s family likes is. If they have to pay a little more, that’s what they’ll do, and scream “New York is too expensive!” like the rest of us have been saying for forever.
I think you’re right - and perhaps this kind of housing might even be classified as a Veblen good
Lol so if they leave that’s 2 homes available.
“capital flight”, I wonder if this has actually ever happened.
Though even if it does, they could just introduce taxes nation-wide, and then if billionaires leave the country then they can simply do things like making overseas billionaire Americans pay up (they already do stuff like this iirc, just the uber-rich get away with it).
I’m not sure if them leaving the country would even be a bad thing, since billionaires aren’t the backbone of the economy to begin with, they’re the stain. Good example is how housing price surges are literally always because of the ultra rich.
Even if you have a second home that is not luxurious, you should still be taxed on it.
M^2 is more important
