LAC Vol.2 New Fraqqle Rock thread

Law Abiding Citizens second volume.
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Great article, and it makes the Iran conflict ring very differently in this context. Our actions in Iran have weakened London more than anything in my lifetime. Venezuela too. Depending on how this plays out, the order may shift forever. The military center (DC) looks to be usurping the financial center (London), all while the spiritual center (Rome) loses its grip. No idea if the new order will be better or worse though. Depends where we're at in God's timeline.
It really is amazing. We’re gonna win
 


So basically what will happen is this:

>Owners of $5 million+ properties who don't live in NYC full time will immediately look to sell before the tax kicks in... flooding the top end of the market with inventory all at once.

>But buyers will factor the new annual fee into what they're willing to pay, meaning sellers can't get what the property was worth before the tax existed, so values at the high end drop.

>Some owners won't sell and won't pay...they'll just stop using the property, let it sit, and fight the bill in court for years, which is exactly what wealthy people with expensive lawyers do.

>Others will convert their ownership into an LLC or trust structure designed to obscure primary residency status, and the city won't have the staff or resources to unwind thousands of complex real estate holding structures.

>Foreign owners, the ones the politicians are actually talking about, will simply ignore the bill, because the city has no mechanism to force collection from someone with no US income, no US bank accounts, and ownership held offshore.

>The city will collect far less than $500 million because the pool of people who just comply and pay is much smaller than projected, leaving a budget gap that still needs to be filled.

>Meanwhile the high end of the real estate market has been spooked, construction financing for luxury developments dries up, and the trickle-down effect hits construction jobs, broker commissions, and the city's existing property tax base.

>Albany will eventually water down enforcement to keep the real estate lobby quiet, and what's left is a tax that raises a fraction of what was promised and costs more to administer than anyone budgeted for.

Bookmark this for 2 years from now.
 

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