NYC Tax Hike Shock: Property Taxes, Budget Gaps & the Ripple Effect

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A New York, you get what you vote for, my friends. Yeah, everywhere. Story popping up everywhere. my God, man. Donny is going to raise taxes in New York City. Property taxes by 10 percent. Again, we’ve talked about talked to problem problems with commercial real estate.

You got so many buildings that are already underwater and you’re gonna raise their taxes as well, not to mention residents. And it’s not his fault he’s saying. It’s not his fault. Nope, nope, nope. He has no choice. He’s gonna have to raise property taxes in New York City by 10 % unless, unless Cathy Hokel.

the governor of the state of New York raises taxes on everybody. Yup, raises taxes on everybody. He wants a millionaire, millionaire tax. Gotta go after more wealth tax, whatever it may be. Yeah, yeah. They got a hole. They got a massive hole in the budget for the state of New York. You know, what’s interesting here is that,

His budget is $127 billion. New York City, $127 billion. There’s 8 million people, 8 million people in the city of New York. The entire budget for the state of Florida is $117 billion, 23 million people.

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Okay, you figure that out. But it’s again, it’s not just New York, State of Washington, Illinois, they’re pushing new millionaire taxes. And again, you know, people don’t even realize within these states, it’s not just that it’s it’s where they get to other places to you purchase a house.

purchase a house for a million dollars and anywhere in the New York metropolitan area, Long Island, Westchester, the shack you can barely get for a million dollars. You have to pay a massive tax on that as well. You pay taxes on top of taxes and then taxes over there. Again, I don’t live there. I haven’t lived in New York City. Man, it’s been.

Yeah, maybe about 26, 27 years lived in Long Island got sick and tired of paying the state taxes amongst other things as well. I don’t know what’s going to happen. I find it. Find it hard to believe that businesses are going to continue to hang on.

You take a look at like a brand new building like the new JP Morgan building. I don’t know what that maybe it’s massive property tax, but you’re going to jack that up by 10%. Again, maybe. But the funny thing and how a lot of this stuff works and this is part of the problem. And again, this goes back to my equal under the law. Not everyone’s equal. Not everyone’s equal.

you know, you get a business like that, though, you know, don’t you know, you raise our taxes, we’re gonna leave, they cut a deal for them. But the the mom and pop shop, the small business owner, they don’t have that type of clout, they don’t have that type of power, and they pay full boat. It’s not how our country is supposed to work. It really isn’t. But again, I do not feel sorry. I don’t feel the slightest bit.

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I know I’m sorry clients friends that live there. Okay guys. I mean, I’m sorry, but

Guys voted for this.

I didn’t like it, but that’s what people chose. That’s what they chose. You can choose to leave. Some can’t, I get all my business, I’m gonna tell you what, it’s gonna come a point in time when you might have to wash your hands of the entire thing, because people continue to do so.

They continue to do so, they continue to leave. I don’t know quite frankly how this is sustainable. Again, many people don’t even understand the ripple effect by this. Rents are gonna have to go up.

rents are gonna have to go up. It’s a cost for landlords, correct? They have to pay property taxes. Now if Mandami says you can’t raise rent, even though the costs are going up, landlords are just gonna take more places off the market, not gonna have as much supply, again, rents go up. This is what happens.

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This is what happens when you get again, these wizards are smart out there that like to control the free market. They like to promise the sun, the moon and the stars. But once again, you voted for it. You got it. by the way, by the way, we did a little money minute a few days ago on the, the free grocery store, free grocery store that opened up in the West Village. And I told you, I told you it was, it was a

Polymarket, basically that gambling site. That’s what it is. And it’s kind of fun. I don’t know. I’m not a gambler, okay, but this is kind of like the worst type of gambling. You can vote on whether or not a war is gonna start. It’s kind of sick and twisted, quite frankly, if you ask me. But Polymarket was behind it, because again, they’re trying to influence the regulators in the state of New York, because they want to…

want to be up and running there. But it was only a pop up free grocery store. It’s already closed. It was just a pop up just a few days. Few days they ran the free grocery store, shut it down and they donated a million dollars to the food banks there in New York City looking to get into their good graces. Curious to see when the ma’am Donnie free grocery stores are going to open up as well what happened to the free free bus rides?

Now I haven’t instituted that either. Watchdog on wallstreet.com.