A life-long, committed leftist*, who’s never held a real job, is about to assume the mayoralty of New York City, should you sell your New York City real estate now, before it’s too late? And what about Greenwich? We’re the ultimate “bedroom community” of NYC, will the coming downturn of the City drag us with it?
To the first question, I would answer yes, now would be a good time to unload your New York apartment, if its re-sale value is an important part of your investment holdings, and I think you’ve probably got at least 12 months to get it done. Crime and taxes, the hallmark of all US cities run by Democrat machines, will begin their increase gradually, beginning around, oh, June, 2014.
The first folks to feel the tax pinch will be the “wealthy” ($500K+/yr.), but the new Mayor will quickly run out of their money, so the definition of “wealthy” will be adjusted downward accordingly.
As for crime, I think city residents are already seeing the increase, thanks to Judge Shira Scheindlin’s decree that “stop & frisk” is unconstitutional. It’s clear this ruling has had a chilling effect on the NYPD, and we can expect that to get worse under the new Mayor.
“But wait”, I hear you say, “We’ve had a committed leftist who’d never held a real job, sitting in the White House for 5+ years, and real estate’s done fine, so has the stock market!” All true, I admit, but the US is a huge, vibrant, country that can endure amazing self-imposed obstacles and disasters, yet keep on thriving. New York City, unfortunately, cannot make the same claim. Mayors Lindsay, Beam, and Dinkins nearly destroyed the City and its boroughs, and de Blasio is cut from identical cloth. Sell that real estate now!
As for Greenwich, I think we’ll survive the coming NYC disaster just fine. It would be nice if it didn’t have to happen, but the city’s importance to our economy is simply not what it once was.
So New York voters will put their city under the care of a man who has no conception of how money is made, profits earned, investment decisions determined. All he learned at Yale was that there is a “gap” between the rich and the poor, and the only salvation is a continuous, never-ending expansion of government. As the “gap” grows ever wider, the justification for even higher taxes, even higher spending, becomes all the more urgent
to the de Blasios of this world. The more they fail, the harder they try.
*According to the New York Times, which ought to know a leftist when it sees one!