Viewing a single comment thread. View all comments

mikevago t1_j8dmcuj wrote

Reply to comment by dust1990 in NYC will have $4.9B budget surplus for 2023, watchdog says by mowotlarx

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

2

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.

1

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.

2

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.

1