Lion of the Blogosphere

Pieds-à-terre unfairness?

Julie Satow, writing in the NY Times, complains about the fact that in some super-high-end areas of Manhattan, a large percentage of the apartments are vacant most of the time, because the owners are rich people who live somewhere else and consider themselves to be too rich to rent a hotel room when they visit Manhattan.

Of course, they don’t pay New York income tax if New York isn’t their primary domicile and they don’t earn any money directly tied to work performed in New York. (It pays to live in a zero-income-tax state like Florida if you are very rich!)

I think the article may have some false information about real estate taxes. As far as I understand, residential property in New York City is intentionally assessed at a value that sounds absurdly low, but then is subject to a tax rate that would be absurdly high if it was based on the true market-value of the property. Also, as far as I know, new condos generally face the highest property taxes, unless the condo was subject to a temporary tax abatement because the developers also built “affordable” housing coincident with the luxury housing, or for other reasons.

If a condo has a tax abatement, that would be baked into the price, so you would pay more for a condo subject to a tax abatement. But as the tax abatement runs out, the condo will decline more in value relative to condos not subject to a tax abatement.

So who’s really making a profit on the tax abatement? The answer is the people lucky enough to win the lottery to get into one of those “affordable” apartments. And of course the developers are also making a profit because they can sell the condos for a higher price.

Written by Lion of the Blogosphere

October 28, 2014 at 9:16 AM

Posted in Uncategorized

79 Responses

Subscribe to comments with RSS.

  1. How can she complain? These are ueber-rich people who are barely in town, but nonetheless need to pay high real estate taxes and the incomes of people who need to maintain their places. They also consume hardly any public services as their children sure as hell aren’t going to the local PS, they aren’t using public transportation, etc.

    I frankly don’t understand these people as I would just rather stay in the Mandarin or Four Seasons if I had the dough and were visiting New York. Yet again I’m a nobody, so maybe famous people or PEPs (politically exposed people) require more discretion via their own condo.

    As you correctly point out Lion, what’s unfair are the lucky ones who either win the lottery to get an apt. in a new 80/20 building or those who have a far-below market rent-stabilized or rent-controlled apartment.

    DdR

    October 28, 2014 at 10:07 AM

    • Sleeping in a bed used by hundreds before is sub-prole.

      Imogen

      October 28, 2014 at 2:36 PM

      • Traveling is upper-middle class.

        Lion of the Blogosphere

        October 28, 2014 at 6:33 PM

      • And then there’s the NYC bedbugs to contend with.

        aandrews

        October 28, 2014 at 10:32 PM

      • wat

        Renault

        October 29, 2014 at 7:23 AM

      • Proles also travel. Your typical NYC-Tristate Area – ethnic prole thinks the Southeastern US Seaboard is an exotic locale.

        JS

        October 29, 2014 at 11:28 AM

    • the insult-to-injury aspect of all this is that these uber rich folks are often buying properties using ill-gotten gains, and using NYC real estate as a way to park the funds outside of their home country. shell companies help this purpose. (my favorite recycling of funds would be someone who ran a chinese penny stock fraud, and cycles the gains back into US real estate. and yes, that really happens.)

      this creates enormous distortions in the NYC housing market because you get entire towers built in prime city areas in order to sell to people who will in all likelihood never live there. like swiss bank accounts or something, except with physical housing stock.

      austrian economists have a term for this: mal-investment.

      ron

      October 28, 2014 at 2:38 PM

      • The people who run and own NYC are the wealthy and finance types who own assets and live off of returns and investment, not off of wages or salaries for ordinary or professional labor. They have an incentive to foster high demand for real estate and other assets, as it boosts the values of their portfolios hence their wealth.

        Tom

        October 29, 2014 at 1:29 PM

  2. Now I’m going on a little tangent. My colleague, who sits next to me, has her daughter attending a Manhattan middle school on the UES. Her daughter’s been there for almost two months (she’s a fifth grader), but some things strike me odd given that I went to school to a good public school in Upstate NY:

    – Her daughter is 50lbs soaking wet, yet she has to carry all of her books to and from school because obviously the books would be stolen if left in the school. Accordingly, my colleague has to travel with her daughter to and from school every day (my colleague lives in a Mitchel Lama project in Downtown) in order to carry the book bag. Most parents do the same for their children until they hit puberty and can manage the rucksack on their own.

    – Her daughter is struggling in math. When my colleague asked her daughter why, it’s because she can’t understand her teacher. Turns out the teacher is from Guatemala or somewhere and speaks broken English with a thick accent. When my colleague went to the school’s open house, she struggled to understand the teacher too. My colleague and a few parents are trying to figure out how to lodge a complaint with the principal w/o trying to come across as rrrracisttt. I’m sure they’ll decide to let their children suffer in math rather than appear racist.

    – The good thing is that my colleague’s daughter is gifted (she’s Jewish) and now has perfect grades (especially after hiring a math tutor). She’s tested in a gifted school, and they separate students by a minimum mean grade level of 85; those who have marks above that threshold can enroll in Special Progress classes. Where I went to public school, you’d only have the option of enrolling into AP classes once you hit 11th grade. There were advanced classes that you could take, but not until the 9th grade level. It seems that NYC is separating the people who want to learn from the people who need to be babysat quite early on. I guess you can request your child to test into a gifted school around third grade. If Bloomberg came up with this, kudos to him.

    DdR

    October 28, 2014 at 10:29 AM

    • “Where I went to public school, you’d only have the option of enrolling into AP classes once you hit 11th grade. ”

      I had an identical experience at a big public high school in the flyover southeast. I think if anything it’s more important to separate the students who are intellectually and temperamentally able to learn from the future career criminals than it is to actually teach them anything. I agree that this NYC system sounds like it will effectively do that, which is great for the kids. Props to Bloomberg (almost had to have been him, right?). Hope De Blasio keeps his hands off.

      Unspeakable_Lulz

      October 28, 2014 at 2:23 PM

      • Yeah, where I went to school it was 99% white, and the kids who didn’t want to learn the headier stuff could concentrate on trade learning, e.g., auto repair, music, wood shop. Never really needed to separate us, I was an academic jock who got along well with the nerds, jocks and music/mechanic guys. I don’t recall too much strife, and there definitely wasn’t any violence.

        What Bloomberg introduced is what the German-speaking countries have been doing for quite some time: you separate early on the kids who are very intellectual and put them on the university track, whereas the others you separate into schools where they learn trades. I can’t imagine that the testing threshold is very high to enroll in a NYC gifted school; just high enough to differentiate an aptitude for learning from thuggery.

        DdR

        October 29, 2014 at 10:55 AM

    • A colleague’s children in a good suburban upstate school both had a hs math teacher who was deaf and could not read lips. Of course the kids can’t sign, so there is no opportunity to ask questions. It seems strange until you realize that the schools are run for the benefit of the teachers rather than the children.

      Bitter clinger

      October 28, 2014 at 2:47 PM

    • Why not buy another set of books?

      ScarletNumber

      October 28, 2014 at 10:33 PM

      • Good question. I’m not saying my colleague is the brightest bulb.

        DdR

        October 29, 2014 at 10:46 AM

      • My children’s school either issued them two sets of books or else gave them a home set and had a single shared classroom set. So they didn’t have to lug any heavy books back and forth, which was nice.

        Sadly, their high school gave each child an Airbook this fall. I think it is harder to study from a computer textbook, and the children sit in class and watch cartoons and listen to music. They still have to tote around a backpack, though, to carry the laptop plus all of their notebooks; plus lunch, since the quality of food in the cafeteria seems to have declined this year. Their new school building doesn’t have any lockers. They are afraid they might use them.

        ColRebSez

        October 29, 2014 at 5:40 PM

      • I thought that the reason they lugged the books back and forth was that the books left at school would “disappear”. So, if they buy a second set for home use, they still wouldn’t have books at school, at least not for long.

        not too late

        October 29, 2014 at 5:55 PM

    • Her daughter is 50lbs soaking wet, yet she has to carry all of her books to and from school because obviously the books would be stolen if left in the school.

      Why can’t she carry all her books on a Kindle (iPad would, naturally, put her at greater risk of robbery).

      She’s tested in a gifted school, and they separate students by a minimum mean grade level of 85; those who have marks above that threshold can enroll in Special Progress classes.

      There needs to be lobbying for special progress schools.

      I think if anything it’s more important to separate the students who are intellectually and temperamentally able to learn from the future career criminals than it is to actually teach them anything.

      The latter should be sterilized by freshman year of HS. Maybe earlier considering they quickly mature sexually.

      The Undiscovered Jew

      October 28, 2014 at 11:18 PM

      • Even better, a MacBook Air, you can read the books on the MacBook and then use it to type your notes, etc. No need for paper ever.

        Lion of the Blogosphere

        October 28, 2014 at 11:21 PM

      • A MacBook is an invitation to robbery.

        The Undiscovered Jew

        October 28, 2014 at 11:25 PM

      • Mine hasn’t been stolen yet, and I even used it once on the Staten Island Ferry.

        Lion of the Blogosphere

        October 28, 2014 at 11:26 PM

      • Mine hasn’t been stolen yet,

        There are token blacks and third world immigrants stealing property at good private schools. Eventually they figure out which white students have the best toys to steal even if they’re hidden from view outside advanced classes.

        The Undiscovered Jew

        October 28, 2014 at 11:31 PM

      • TUJ – Here in NYC, there was a string of random thefts of MacBooks at New York University. The perpetrator turned out to be a black student at the school who probably made it through the affirmative action filter.

        http://nypost.com/2013/11/20/nyu-student-avoids-jail-after-admitting-to-swiping-apple-gadgets/

        JS

        October 29, 2014 at 12:30 PM

      • Again, yes, as some of the commentators here have said, the NY Post is the only true non-PC newspaper in NYC that have no qualms in revealing criminal suspects who happened to be black.

        JS

        October 29, 2014 at 12:33 PM

      • The perpetrator turned out to be a black student at the school who probably made it through the affirmative action filter.

        As a high ranking, if not elite, college, NYU admissions has access to the smartest pool of black students.

        This is close to the best they can recruit.

        The Undiscovered Jew

        October 29, 2014 at 7:29 PM

      • @ TUJ

        NYU undergrad, while still a pretty good school, is by no means elite. The difference between affirmative action admits to places like HYP versus NYU is tremendous, like multiple sigma tremendous.

        Renault

        October 30, 2014 at 3:13 AM

      • I don’t know about the blacks at HYP. But I assume there isn’t a significant difference between the blacks at the top Ivies vs those at the top tier non-Ivies.

        Further, can you separate a HYP Liberal Arts student vs one from a non-Ivy in terms of ability or competence?

        JS

        October 30, 2014 at 10:14 AM

      • The difference between affirmative action admits to places like HYP versus NYU is tremendous, like multiple sigma tremendous.

        I’ll concede that unlike NYU, HYP can recruit law abiding blacks. Usually.

        But even they have to search across America, Europe and the African continent to find the handful of blacks with IQs over 105*, the ones who won’t steal baked potatoes from the local food court.

        After HYP takes the creme of the black race (or what passes for it) NYU and similar are left with applicant pools that have to include ghetto trash. The genetic quality of Africans is so poor, were NYU to use just modest standards their freshman classes would be 1% black or less.

        * The IQ Standard Deviation of black Americans is low – 13 for blacks vs 16.7 for whites.

        The Undiscovered Jew

        October 30, 2014 at 10:35 PM

  3. The New York liberal complaining that there is no community — kind of like the kid who killed his parents asking to be pitied because he is an orphan.

    Dan

    October 28, 2014 at 10:36 AM

  4. There seems to be an underlying fear here that the wealthy will buy up all the good stuff on the planet and sequester it. Let us call the sequestered area Elysium.

    The rest of humanity lives a subsistence existence on a place called #Earth where all the capable people have fled.

    Solution: commando mission to Elysium.

    doombuggy

    October 28, 2014 at 10:52 AM

  5. I’m not going to read the article, but does it mention these places are investment properties at the same time? If I’m some rich Chink or Russkie or Ay-rab or whatever, I can sink $10M into a New York condo which goes up in value every year (so far), and at the same time now I have a private place to visit once or twice a year. So it serves a dual purpose.

    That said, I do think this kind of thing is bad because it drives up housing costs. Which the real estate people love, but it’s ultimately not good for the city. This is one area where de Blasio could really take a populist stance and levy some insane tax — say 50% of the condo cost per year — for anybody not resident 300 days a year or whatever. He could claim the tax was to “fight discrimination” or to provide low-income housing or whatever, but basically it would be a shake down of super rich people, which I am entirely in favor of.

    Another thing, New York City is pretty strict with having to pay income tax if you live more than a certain number of days there. I remember reading something about some Yankee player (Alex Rodriquez?) who was getting charged with NYC income tax because he lived more than x days a year in the city, and he disputed it or something. I’m too lazy to look it up.

    peterike2

    October 28, 2014 at 10:54 AM

    • I think an empty condo is actually a very bad investment because you are paying real estate taxes and maintenance fees on a place where you don’t live.

      Lion of the Blogosphere

      October 28, 2014 at 11:13 AM

      • Yeah but if it goes up a million bucks a year, which is entirely plausible, are you paying anywhere near that in taxes?

        peterike2

        October 28, 2014 at 12:03 PM

      • And if they’re never there, they’re don’t buy as many Roombas to keep it clean, which hurts your stock portfolio.

        Fiddlesticks

        October 28, 2014 at 1:53 PM

      • How about buying a house for your 13 year old nephew and renting it out until he becomes an adult and can pay the rest of the mortgage himself? If the house cost, say 340K (not an NYC house, obviously, but a suburban NJ one) you’d need the down payment and an amount stashed away for repairs, emergencies, etc.. but wouldn’t the house go up in value if it’s in a good area? I’ve been thinking of doing this.

        Maryk

        October 28, 2014 at 2:22 PM

      • MaryK wants to buy a Joisee home for her nephew. Fugettaboutit! The proleburbs in the Northeast are undesirable and make a bad investment as always. If anything, you should groom and invest your nephew to avoid NAM friendly cities and live in SWPL areas without NAMs, such as San Francisco and San Diego.

        JS

        October 28, 2014 at 8:03 PM

      • Not if you can use it to help you get citizenship.

        With the thoughts you'd be thinkin

        October 29, 2014 at 3:43 AM

      • “Not if you can use it to help you get citizenship.”

        From Businessweek (http://www.businessweek.com/articles/2014-10-15/chinese-home-buying-binge-transforms-california-suburb-arcadia):
        “Smith says many of the newest buyers in Arcadia don’t speak English. “They’ve just come here,” he says. “They’re on that EB—what’s it called?” He means the EB-5 visas that the U.S. grants to foreigners who plow at least $500,000 into American development projects. Congress created the program in 1990 to spur investment, and demand for the visas has grown recently. This year, for the first time, the government gave away the annual allocation of 10,000 visas before the year was over, with Chinese nationals snapping up 85 percent. Brokers in the area say it’s the most common way buyers are coming to town. “Once they obtain residency, they want to bring their family over and get the United States education,” says real estate agent Ricky Seow. “They can start a new life in California.””

        Dan

        October 29, 2014 at 1:37 PM

      • “The proleburbs in the Northeast are undesirable and make a bad investment as always. If anything, you should groom and invest your nephew”

        I only have limited influence over my nephew. And he already lives in the “proleburbs” and is likely to for the rest of his life. I don’t come from a family of SWPLs or proles who aspire to SWPL. In my family we aspire to high prole (when we aspire to anything, which is only some of us.) My goal is to keep him physically safe and able to afford a decent sized house in a reliably white area. He seems to be in the 115-125 range IQ -wise, but he’s had some family instability and I want what will enable him to be a good candidate for marriage and fatherhood. On the plus side, hes a boy scout and interested in continuing in scouting, so I doubt he’ll ever fall in with a Jersey Shore type of crowd. But San Francisco? San Diego? I don’t want him to end up a liberal. I’d sooner see him end up in Staten Island. And no, I’m not joking. Money and status aren’t everything.

        Maryk

        October 29, 2014 at 10:52 PM

      • Encourage your nephew to attend a college in one of the aforementioned cities. It’ll change his world and probably make him a better person. The Northeast breeds and invites 2 kinds of people: zero sum status winners and ultimate losers (ex. NAMs and SI Guidos). I don’t think your nephew could join the 1st group. The best he could do is end up like Lion.

        JS

        October 30, 2014 at 10:26 AM

      • “I don’t think your nephew could join the 1st group. The best he could do is end up like Lion.”

        That would be fine by me. I don’t consider the Lion to be a failure at all.

        Maryk

        November 1, 2014 at 5:35 PM

    • If you live in a place in NYS whether it’s your permanent home or not, and stay there for more 184 days, you will have to pay taxes as a full year NYS resident for income tax purposes. Anything less than that makes you a part year resident, with the exception if you live in NYS for 90 days or less, but you have to do the math where you have to be out of the country for 450 days out of a 548 days period. Basically, anyone who steps foot into NYS for 1 day and owns/maintains a residence in it, will be considered a part year NYS resident for income tax purposes.

      Enjoy reading the legalese lingo:

      http://www.tax.ny.gov/pit/file/pit_definitions.htm

      JS

      October 28, 2014 at 12:15 PM

      • Furthermore, living in NYC, means you have to pay taxes to the city, in addition to the state, which means double taxation.

        JS

        October 28, 2014 at 12:16 PM

      • However, Peterike might be jumping the gun too early. Foreign nationals don’t have SS# so NYS taxation wouldn’t be able track them down at the moment.

        JS

        October 28, 2014 at 7:43 PM

      • Let grandma or someone else out of state be the owner.

        Glengarry

        October 30, 2014 at 4:47 PM

    • The same phenomena occurred with wine which, often, is no longer purchased as a food item but as an investment- especially by the Chinese. This drove up prices of top labels exponentially and put a stranglehold on supply. China even has its own replica of Chateau de Maisons:

      http://www.dailymail.co.uk/news/article-2158388/Beijing-replica-Ch-teau-Maisons-Laffitte-built-Multi-millionaire.html

      And China is currently trying to build a replica of Manhattan.

      slithy toves

      October 28, 2014 at 1:02 PM

      • This is why asians are scorned so much…all they are good at is copying.

        jjbees

        October 28, 2014 at 7:48 PM

      • Wow, that is awesome. And to add to that I just read a Daily Mail article about someone who has built an exact duplicate of the White House, in Turkey.

        CamelCaseRob

        October 29, 2014 at 9:15 AM

      • I hear a guy tried running across its lawn last week but got beaten up by the Turk guards.

        Glengarry

        October 30, 2014 at 4:49 PM

    • Peterike2 nailed it here: these are essentially investment properties.

      Yes, you are paying fees and taxes while not living there, but in our craptastical world, there are few better places to put your money. All the thing has to do is out-yield a T-bill.

      As suggested, deBlasio could raise taxes to the point where the investment money goes elsewhere.

      doombuggy

      October 28, 2014 at 2:47 PM

    • Note that you can also, with a wink and nod from Fedgov and NYC, launder your drug money by acquiring a condo or two. So useful.

      Glengarry

      October 28, 2014 at 3:47 PM

      • Note that you can also, with a wink and nod from Fedgov and NYC, launder your drug money by acquiring a condo or two. So useful.

        Many a Miami condo is used for just that.

        The Undiscovered Jew

        October 28, 2014 at 11:05 PM

  6. To put things in perspective, Ms. Satow and her husband both have degrees from Columbia and her father was chief executive and chairman of JDS Pharmaceuticals in New York. Once again, the only people who can afford to be reporters for the NY Times are the wealthy. http://www.nytimes.com/2009/05/24/fashion/weddings/24SATOW.html

    superdestroyer

    October 28, 2014 at 12:40 PM

    • This also demonstrates how the ultra-wealthy WANT their taxes to be raised.

      Lion of the Blogosphere

      October 28, 2014 at 6:32 PM

      • Rich people want you to think that they are raising taxes on themselves.

        map

        October 29, 2014 at 12:51 AM

      • All the evidence is that they actually and genuinely want their taxes raised.

        Lion of the Blogosphere

        October 29, 2014 at 7:22 AM

      • If rich people really want their taxes raised, then they can choose to pay more in taxes than they. But hey don’t. Go figure.

        Andrew E.

        October 29, 2014 at 5:46 PM

      • Rich people don’t want to pay more than OTHER rich people are paying, but for the common good they approve tax increases on themselves. It’s the way it is.

        Lion of the Blogosphere

        October 29, 2014 at 6:30 PM

    • This also demonstrates how the ultra-wealthy WANT their taxes to be raised.

      Foolish Lion.

      Any ‘ultra-wealthy’ tax hikes will fall most heavily on you.

      The Undiscovered Jew

      October 28, 2014 at 11:20 PM

      • A tax on condos that cost more than $5 million is never going to fall on me.

        The same applies to any increase in the estate taxes for estates worth more than my parents’ net worth, which is a pretty low bar.

        The same applies to the increase in capital gains tax for rich people that Warren Buffett supports.

        Lion of the Blogosphere

        October 28, 2014 at 11:23 PM

      • A tax on condos that cost more than $5 million is never going to fall on me.

        Wait till you see De Blasio’s definition of ‘condo’.

        The Undiscovered Jew

        October 28, 2014 at 11:26 PM

    • Can someone clarify what makes NYC attractive or more importantly, prestigious or world class? The average New Yorker isn’t as cosmopolitan as they seem. The average NYT writer doesn’t produce great articles, but usually biased shoddy ones.

      The couple who are getting married, both with Master Degrees in Media related studies don’t strike me as classy. Wealthy, but with class, mostly likely not!

      JS

      October 29, 2014 at 10:05 PM

      • How do you define classy? Coming from families that are rich enough to dabble in charity events, being on the board of directors of non-profits, and being rich enough to own multiple homes used to be considered the definition of class in the U.S.

        superdestroyer

        October 30, 2014 at 8:25 AM

      • Classy to me is someone from an upper class or appears to be coming from one, who has an objective and non-bias view of the world. And no, I’m not talking about the snarly and whiny liberal types who think blacks need to treated with due respect at the expense of everyone else. Your typical NYC liberal is a racist without warrant and come across as parochial, no different from their prole brethren.

        JS

        October 31, 2014 at 9:34 AM

  7. Residential property taxes in the city are quite reasonable. Nothing like the way the suburbs ass rape their residents.

    Peter

    ironrailsironweights

    October 28, 2014 at 2:10 PM

  8. If you’re rich enough to keep a dwelling in a “super-high-end” area of Manhattan for your occasional trips there, whatever income tax you pay (if any) is a function of the legal definition of taxable income, not the marginal rate.

    J1

    October 28, 2014 at 3:57 PM

    • Thank you.

      map

      October 29, 2014 at 12:52 AM

    • Huh?

      CamelCaseRob

      October 29, 2014 at 9:18 AM

  9. I love articles about the over-educated middle class griping because they aren’t rich people.

    You take the smartest people, but they make bad choices in life like getting a journalism degree and working for the NYT, liberal arts degrees, PhDs that lead to nowhere, and then they are butthurt because the “intellectual 1%” ought to be the “financial 1%”. Probably enough angst there to fuel Paul Krugman’s gibsmedat philosophy of economics for the rest of his career.

    Choosing self-actualization over money AND self-actualization is stupid.

    jjbees

    October 28, 2014 at 5:15 PM

    • American culture doesn’t value self-actualization PERIOD!

      JS

      October 28, 2014 at 7:46 PM

    • There is some truth to this. However, it is extremely destabilizing to have large numbers of smart and capable people who feel disenfranchised. This is a lesson our elites seem to have forgotten (although in years gone by, they were certainly well aware and worked very hard to ensure that there were mechanisms for talented people to make a decent living). You don’t even need to pay all of the smart people livable salaries, you only need to make it sufficiently likely that most of them like the odds of working toward that goal rather then stirring up trouble.

      The current situation — in which the upper middle class is being squeezed and many occupations for smart people no longer pay livable wages (many lawyers, college professors outside of elite schools, etc.) — strikes me as suboptimal for both society in general and the elite.

      Anonymous

      November 1, 2014 at 3:40 PM

  10. This same thing is going on in Paris and London. There is no alternative to Paris/London/New York. Nobody is going to say “I can’t afford NY, I’ll live in Philly.” Although any city with Victorian rowhouses is probably ripe for gentrification, Philly might be a good bet.

    bjdubbs

    October 29, 2014 at 7:42 AM

  11. I live in Miami.

    More than half of the condos in our impressive skyline sit vacant most of the year.

    These condos aren’t being bought by vacationers either, but by foreign nationals.

    Suppose you are a rich Argentine, Chilean, or Russian. Your government could easily turn on you and seize your money. This has happened enough times, that the rich are buying protection by locating assets outside of the reach of their governments.

    But I don’t think this answer, while it explains Miami, fully explains New York.

    The fiat money that the bankster are creating to pay foreign debts is subject to restrictions and can’t easily leave the country, so it’s being used instead to buy up hard American assets by individuals and countries who don’t want their assets simply inflated away. Much of this money ends up in New York.

    Rotten

    October 29, 2014 at 12:31 PM

  12. O/T – I guess the death of the Manosphere/PUA culture in the streets of NYC will start now:

    http://nypost.com/2014/10/28/woman-harassed-108-times-in-10-hours-on-nyc-streets/

    A hidden camera video reveals that a New York City woman was “harassed on the street” 108 times in 10 hours by obnoxious, cat-calling men, the non-profit Hollaback! claims.
    Sporting jeans and a crew-neck T-shirt, 24-year-old volunteer Shoshana Roberts drew repeated comments about her body during strolls around Manhattan — by guys who ranged from irritating to scary, the advocacy group said.
    Dozens of men made comments about her figure, shouting “damn, girl!” and “nice!” — and even demanding she “say thank you!”
    One creep followed her for five minutes, walking beside her in silence as she grew more and more uncomfortable.

    JS

    October 29, 2014 at 12:38 PM

  13. Another interesting O/T – Why Americans Can’t Afford to Live in Liberal Cities

    http://www.msn.com/en-us/news/us/why-americans-cant-afford-to-live-in-liberal-cities/ar-BBbSFaW?ocid=mailsignout

    JS

    October 29, 2014 at 2:20 PM

  14. 432 Park Ave. is a case-in-point of ridiculously priced condos located in a prime neighbourhood. The penthouse just sold for $95 million.

    I see this eyesore from my apartment on the Hudson River 20 miles away. The Empire State Building dwarfs it from that angle.

    If you go to their website, it immediately asks you which language you want, which is uncommon for a real estate website. Obviously catering to rich foreigners looking to park their ill-begotten gains somewhere.

    A cool feature of the site is to check out the views from various altitudes.

    http://432parkavenue.com/

    DdR

    October 30, 2014 at 11:10 AM

    • Sorry, 432 Park dwarfs the Empire State Building. And ill-gotten gains.

      I wish I could edit my posts on wordpress.

      DdR

      October 30, 2014 at 11:40 AM

      • I kind of like the ill-begotten. It is like a Freudian slip.

        not too late

        October 30, 2014 at 3:36 PM

    • It’s interesting to know that Dagos (Southern Euro PIGS) and Francos, are part of this group consisting of filthy rich Chinks and Ruskies who park their money in Park Avenue.

      JS

      October 30, 2014 at 1:06 PM

      • Mafia PIGS (Wealthy Portuguese, Italians, Greeks and Spaniards)

        JS

        October 30, 2014 at 1:15 PM


Comments are closed.

%d bloggers like this: