TheAJx t1_jdylary wrote on March 28, 2023 at 3:15 AM

Reply to comment by SleepyHobo in New Yorkers overwhelmingly support bail changes ahead of state budget deadline: Poll by Grass8989

Despite ever increasing taxes on the wealthy in California (now up to 12% on the top tax brackets), California has seen an influx of millionaires moving in . . despite population loss in general.

Millionaire tax probably won't be a good policy, but ultimately what matters most in NY and NYC is cost of living (housing prices, utility prices, and transportation prices). That determines everything and is far more important than the tax structure.

Neoliberalism2024 t1_jdymicl wrote on March 28, 2023 at 3:26 AM

They dont have new millionaires moving in. They HAD new millionaires being MADE, because silicon valley had a shit ton of IPOs before the bubble crashed, and lots of people become millionaires thru their options. A large portion of those newly minted milionaires left. And silicon valley isnt going to minting many millionaires the next few years.

AnacharsisIV t1_je55jrj wrote on March 29, 2023 at 2:19 PM

Not to mention the fact that housing prices in California are insane (much like NY) that over the last decade or so plenty of middle class homeowners who were able to get in when houses were affordable became millionaires simply because their house shot up hundreds of thousands of dollars in value.