“Mayor de Blasio” Is Coming, Time To Sell NYC Real Estate?

Future Mayor of New York, Bill de Blasio (ok, not really, that's his son, "Dante", but if you went by Bill de Blasio's TV ads, you'd swear it was his son running for office!

Future Mayor of New York, Bill de Blasio (ok, not really, that’s his son, “Dante”, but if you went by Bill de Blasio’s TV ads, you’d swear this kid’s the one running for office!

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!

4 thoughts on ““Mayor de Blasio” Is Coming, Time To Sell NYC Real Estate?

  1. I very much enjoy your blog at all times but this recent post is certainly timely and spot on. I have owned an apartment in the City since 2001. Just this past year my real estate taxes jumped by 35% as the City decreed that since I am not a full time NYC resident I am dodging income taxes. As I only use my apartment on weekends I use no city services yet I get the privilege of paying much higher real estate taxes than do “full time” City residents. DeBlasio is positively scary. I remember well the NYC of the 70’s and his positions on everything from development to income re-distribution are down right scary.

    • Bob:
      Liberal politicians have long seen non-residents as irresistible “low hanging fruit”, ripe for fleecing. Examples abound, not just in NYC, but even places like Maine, where they single out owners of second homes, private plane owners, etc., for special punishment.
      (Airline travelers, the ultimate non-residents, are a favorite target of bankrupt countries).

      As for the coming tragedy in NYC, it does seem like, when everything is running smoothly, that is when voters relax, and forget what sorts of political decisions make that possible. Even an arrogant liberal like Bloomberg had an understanding of what is good for the City and what’s bad.

      de Blasio is nothing new, he’s just a tired old re-tread who holds the same views, has the same failed plans, as every liberal who came before. I predict two terms!

      • Gids, you’ve just addressed the very reason I probably will never own a house in VT. The RE taxes are jacked up in ski towns and then redistributed to the rest of the state.

      • Cos:
        And you have just hit the magic word, “re-distribute”! Liberal/leftist politicians, having never learned in school how money is made, how businesses get started, how important incentive is to entrepreneurs, instead see the economy as a finite entity.

        The concept of economic growth is foreign to them, so they focus instead on taking money from one group and giving it to another. Vermont, Connecticut, Massachusettes, New York, Maine, are all mired in near-depression conditions (outside their major cities) because the business climate is so poisonous.

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