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"Mansion Tax" Coming To New York, Compliments Of Mayor de Blasio

Tyler Durden's picture


For all the talk about the "brilliance" of Thomas Piketty's proposal to tax the financial assets of the "rich", Zero Hedge first warned it would come in September 2011, and subsequently the IMF also sent out trial balloons in various white papers, even though it vehemently denied it was espousing such a concept. Of course, what happened next was just this in March of last year when taxpayers, rich and not so rich, ended up getting taxed involuntarily when Cyprus collapsed and deposits across the board were confiscated to bailout the local banking system. But the first real salvo to layer on taxes focusing on the ultra rich came earlier this year when the UK's "Mansion Tax" proposal became a reality.

This too is something we had warned about previously: "if you are buying a house, enjoy the low mortgage (for now... and don't forget - if and when the time comes to sell, the buyer better be able to afford your selling price and the monthly mortgage payment should the 30 Year mortgage rise from the current 4.2% to 6%, 7% or much higher, which all those who forecast an improving economy hope happens), but what will really determine the affordability of that piece of property you have your eyes set on, are the property taxes. Because they are about to skyrocket."

And since the entire developed world is insolvent (don't believe us, believe Paul Singer), it was only a matter of time before this percolating English idea moved across the big pond: this we warned about also when we said that "if anyone is still confused, the IMF-proposed "mansion tax" is most certainly coming to the US, and every other insolvent "developed world" nation, next."

Today we learn that we were right about this too. The Post reports that "After his failed attempt to hike income taxes on the wealthy, Mayor de Blasio is eyeing another way to squeeze money from millionaires to fund another top priority: affordable housing. Multiple sources tell The Post that the mayor is talking to people about how to increase the so-called “mansion tax” on homes selling for $1 million or more to help offset the cost of adding 200,000 affordable-housing units."

Will this latest attempt to enforce equality among the classes, where the rich are the sole beneficiaries of the Fed's generosity as Singer also pointed out, be fast-tracked? Perhaps not:

However, boosting the mansion tax would require Albany’s approval, and sources say that could be a major hurdle for de Blasio because Gov. Cuomo smacked down his income-tax-hike idea earlier this year. The state mansion tax already exists statewide and levies a 1 percent fee on residential property sold for at least $1 million. In the 2012-13 fiscal year, it generated a record-busting $259 million. While it covers the entire state, The tax hits hardest in Manhattan, where seven-figure prices are common even for modest-sized co-ops and condos.

But while there may be some initial objection to the tax, with the Fed on pace to halt monetizing the US federal deficit, it is inevitable that the "rich" are duly taxed on their financial assets: first houses via a "Mansion tax", and then all their other holdings. Because the underlying reality of an insolvent world is just that: without new sources of funds, the global ponzi scheme will simply grind to a halt, and then collapse, as Bernie Madoff can so willingly attest.

Of course, how soon until the "rich" do the next logical thing and sell their assets ahead of being taxed through the nose on their holdings, is the only remaining question. As always, with game theoretical set ups of this kind, he who sells first (anything that is or is not nailed down), will sell best.


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Thu, 05/01/2014 - 10:52 | 4715929 LawsofPhysics
LawsofPhysics's picture

< meh > - I am sure that there will be loopholes for those "in the club"...


The robber barrons are back...

Presonally, my winter mansion is actually a "house of worship"...


same as it ever was...

Thu, 05/01/2014 - 10:54 | 4715939 Slave
Slave's picture

"Rich" "1%" "Wealthy"


Let me know when we're talking about the:

".01%" "The tribe" "Oligarchs" etc

Otherwise you just sound like a bunch of jealous children.

Thu, 05/01/2014 - 10:57 | 4715953 LawsofPhysics
LawsofPhysics's picture

"a bunch of jealous children" -  based on the "representation" in D.C. I think you might be on to something.

Thu, 05/01/2014 - 10:57 | 4715955 Beam Me Up Scotty
Beam Me Up Scotty's picture

The rent is TOO DAMN HIGH!!

Thu, 05/01/2014 - 11:07 | 4716004 SilverIsKing
SilverIsKing's picture

Well, if you want to buy my $5 million home, I can sell it to you for $999,999 but you also have to buy this paper clip from me for $4,000,001.


Thu, 05/01/2014 - 11:12 | 4716022 dontgoforit
dontgoforit's picture

What is it with NYC and its idiotic mayors?  Bloomberg - rich as a sultan and wanting to control every aspect of peoples lives - and now DiBlasio.  I don't understand how New Yorkers keep electing these people.

Thu, 05/01/2014 - 11:24 | 4716103 PTR
PTR's picture

Just like in Chicago, [voting] people like drinking their dose of bullshit and illusions.  


Oh, and they still go for the "strong figurehead" type to lead the pack.


Fun times.

Thu, 05/01/2014 - 11:25 | 4716109 MeMongo
MeMongo's picture


If you don't "understand" it yet I'm sorry, but it is a great big internet and if you just apply yourself I assure you the answers are out there! Ok that's Mongo's service announcement, now out to hunt for some Morels!:-)


Thu, 05/01/2014 - 11:41 | 4716178 SAT 800
SAT 800's picture

Be cheaper to excort the 200,000 bums down to the docks and ship them back to Africa and Puerto Rico.

Thu, 05/01/2014 - 13:06 | 4716661 Antifaschistische
Antifaschistische's picture

How about I pay you $20,000 all in $50 US Gold 1 oz coins.   Paperwork all says $20k.

Thu, 05/01/2014 - 11:27 | 4716120 Canadian Dirtlump
Canadian Dirtlump's picture

Indeed. regulations are designed to punish the profane. One need only to look at GE to see that even if the corporate tax rate was 100%, when you don't pay, period, it doesn't matter.

Thu, 05/01/2014 - 13:06 | 4716659 Libertarian777
Libertarian777's picture

1% tax on houses over $1m

10% rebate on houses over $10m


Thu, 05/01/2014 - 14:35 | 4717052 wagthetails
wagthetails's picture

my fav is the Kennedy's donating the compound to the state...but requiring that the family has sole use of the property for several weeks  a year.  makes sense to me, i wouldn't want to pay taxes or upkeep while i was not there either.  well played. 

Thu, 05/01/2014 - 10:52 | 4715932 holmes
holmes's picture

Yea baby, bring it on. The rich voted for this commie. They deserve whatever he throws at them.

Thu, 05/01/2014 - 10:53 | 4715933 LawsofPhysics
LawsofPhysics's picture

Interesting comment.  I wonder what percentage of the electorate who voted for him made more the a million dollars last year?

Thu, 05/01/2014 - 10:57 | 4715956 NidStyles
NidStyles's picture

Probably 0%. THe rich do not vote, they buy or rent their politicians.

Thu, 05/01/2014 - 11:01 | 4715976 LawsofPhysics
LawsofPhysics's picture

That's my point.  All animals are created equal, but some animals are indeed "more equal" than others...

fascism/cronyism 101...

Thu, 05/01/2014 - 11:26 | 4716098 HardAssets
HardAssets's picture

Its difficult making any prediction about what the PM 'markets' will do next week.  But its a pretty damned sure bet that politicians will jump on the go-after-the 'rich' meme to sell to voters.  Their targets includes that portion of the population who are productive and actually serve the consumer - small businessmen, farmers, entrepreneurs, etc.  The 'you didn't build that business' guys at the center of the bullseye.

The oligarch .0001 %  don't pay taxes, have their lawyers draft the 'laws', and own the politicians & bureaucrats. They don't want anyone to have the resources to oppose them.   Of course, they don't identify themselves with any nations either.

Thu, 05/01/2014 - 11:27 | 4716124 LawsofPhysics
LawsofPhysics's picture

"The oligarch .0001 %  don't pay taxes, have their lawyers draft the 'laws', and own the politicians & bureaucrats.  Of course, they don't identify themselves with any nations either." - Yes, and with the entire planet under their control, the outcome will be the same as last time.  Late 1700's in France, only this time on a global scale, complete with some cool new weapons such as tactical nukes...

hedge accordingly.

Thu, 05/01/2014 - 12:07 | 4716328 HardAssets
HardAssets's picture

"this time on a global scale"

Ain't that the truth, and something the psychos' models can't cover. The entire (so called 'civilized') world is in their fiat cage. Nothing like this has happened before in world history.

Black swans on their horizon ?  More like giant black flying dragons.

Thu, 05/01/2014 - 11:28 | 4716126 Cathartes Aura
Cathartes Aura's picture

upvoted NidStyles.

re-cognise the Truth of present govern-mental reality,

or continue to whine about all actions pointing to an inevitable


Thu, 05/01/2014 - 10:53 | 4715935 youngman
youngman's picture

Thats 400,000 shoe in voters for sure....give them a house and they will vote for you forever..

Thu, 05/01/2014 - 10:55 | 4715943 Colonel Klink
Colonel Klink's picture

New Yorkers got what they deserve.

Thu, 05/01/2014 - 11:14 | 4716034 onewayticket2
onewayticket2's picture

as a resident of a neighboring state, i both love and hate this.


i love it as it will drive the essential "rich" to my state - buoying prices.  i hate it bc our gov will want to do the same thing.


open wide folks....this is coming to every state.....

Thu, 05/01/2014 - 11:22 | 4716085 Colonel Klink
Colonel Klink's picture

You have my sympathy.  It usually appears between the words shit and syphilis.

I'd flee that area ASAP.

Thu, 05/01/2014 - 11:51 | 4716239 TheMeatTrapper
TheMeatTrapper's picture

"i love it as it will drive the essential "rich" to my state - buoying prices."

Be careful what you ask for. The mountains of north Georgia and North Carolina are chcock full of retired school teachers and firefighters from New York. They sold their high dollar houses in New York and moved South with their big fat pensions. They bought up land and homes in the rural areas here driving prices through the roof. 

They don't work, collect fat checks and make more money sitting on their ass than he  locals do working a real job. They do everything they can to harass hunters and generally implement thier left leaning socialist mindset here. They view the locals as backwards and themselves as smugly superior. 

If their pension checks ever bounce - they are royally fucked as people down here have no use for them whatsoever. 

Thu, 05/01/2014 - 11:55 | 4716258 Colonel Klink
Colonel Klink's picture

Kind of like the cesspool people who ooze out of Commiefornia into Colorado, Washington, Oregon, and Idaho.  Then try to enact their socialist ideas and make it the Commiefornia they tried to escape in the first place.  Our country needs one big liberal cleanse.

Thu, 05/01/2014 - 12:39 | 4716517 drendebe10
drendebe10's picture

gummint workers have obscenely better pay, health insurance, vacation, paid sick days, benefits and retirements than the tax paying serfs and peasants who fund their largess, work harder than they do, get paid less and only have a 401K  or IRA .  Wake the frack up.... if their gummint fat, paid to do little checks dry up, well, that's too bad but probably won't happen... if it does, all the tax payers who fund the scam gummint should dance in the street...

Thu, 05/01/2014 - 14:16 | 4716962 Greenskeeper_Carl
Greenskeeper_Carl's picture

Unfortunately that's pretty accurate, I can attest to that as an Atlanta native who used to go up there pretty regularly. Not as bad as Florida, where I am currently living. But I was looking forward to north Georgia, or North Carolina mountains in a few years. Hopefully those fuckheads don't ruin it. As long as they never out number the locals, the area should retain its roots.

Thu, 05/01/2014 - 11:25 | 4716105 yellowsub
yellowsub's picture

His crookedness is already coming to light...

Thu, 05/01/2014 - 10:55 | 4715944 koaj
koaj's picture

This asshole cant even plow snow properly...thats really the job of any mayor. Clear the streets and get out of the way.


Boss Tweed wannabes always get whats coming to them

Thu, 05/01/2014 - 10:56 | 4715947 Lumberjack
Lumberjack's picture

I am sure they will be able to purchase 'Mansion Offsets' to reduce their mansion footprint.

Thu, 05/01/2014 - 10:56 | 4715948 Freewheelin Franklin
Freewheelin Franklin's picture

NYers voted for this ass, now they have to deal with him. I ain't gonna shed no tears. They deserve what they get. 

Thu, 05/01/2014 - 10:59 | 4715965 fonzannoon
fonzannoon's picture

Yeah but look how happy she is.

Thu, 05/01/2014 - 11:17 | 4716049 Skateboarder
Skateboarder's picture

It would be a very interesting datapoint to see if she actually ended up getting an Obiephone, and what other 'treats' she's getting from the gubbamin.

Thu, 05/01/2014 - 10:59 | 4715968 NidStyles
NidStyles's picture

What if you were to find out tomorrow that all elections are rigged? What would you think about your comment here if you found that out?

Thu, 05/01/2014 - 11:07 | 4715998 fonzannoon
fonzannoon's picture

me or her?

Thu, 05/01/2014 - 11:20 | 4716070 dontgoforit
dontgoforit's picture

Now that might just be the spark that set off the revolution explosion.  And rightfully so.  What a shit-show.

Thu, 05/01/2014 - 10:58 | 4715957 Yen Cross
Yen Cross's picture

    I keep thinking about those commercials that advertise deferred taxes for 10 years if you move a business to New York. I'm sure most of business owners wouldn't be purchasing a shack for under $1mil in N.Y. (The old bait and switch)

    They should rename N.Y. to Eastern Cuba.

Thu, 05/01/2014 - 10:58 | 4715959 IridiumRebel
IridiumRebel's picture

Enjoy my last payment of taxes more for you from me and mine.

Thu, 05/01/2014 - 10:58 | 4715960 RSloane
RSloane's picture

What happens when there are not enough "mansions" to compensate for more housing units? If they follow the Republic of Maryland's logic, the word "mansion' will be downscaled until it does match the funds being sought and it will hit a lot of people not intended to be impacted by this.

Building more housing units for the poor flies in the face of gentrification which is happening in some parts of NYC. He better watch his tax base before it up and moves as it did in Maryland.

Thu, 05/01/2014 - 11:21 | 4716078 dontgoforit
dontgoforit's picture

They'll turn the mansions into "Homes for the Mentally Struck."

Thu, 05/01/2014 - 13:08 | 4716669 Libertarian777
Libertarian777's picture

they won't 'downscale' the mansion. They'll leave it at $1m.

What they do is get the Fed to get bubbly asset prices and double digit inflation, so in 15 years time, even trailer homes sell for $1m, a janitor earns $250,000 and a loaf of bread cost $25.



Thu, 05/01/2014 - 10:59 | 4715963 Dr. Engali
Dr. Engali's picture

He knows this shit will get smacked down too. He just wants too look good for his base when in truth he is taking them for a ride.

Thu, 05/01/2014 - 11:09 | 4716012 RSloane
RSloane's picture

He held a press conference to talk about how successful his crime policies were - in the middle of winter. When the press pointed out to him that NYC saw one bad snowstorm after another which kept people indoors and on the few days there was no snowfall violent crime increased, he told the press he was not there to talk about that! The guy's a moron.

Thu, 05/01/2014 - 11:13 | 4716027 fonzannoon
fonzannoon's picture

He is temporarily the best thing to happen to Lawng Island (and I assume Queens/Westchester). The Brooklyn/Manhattan crowd are scrambling. I have seen several boomer clients selling their homes telling me that they have been overrun with 30 something city crowds looking to get out.

Thu, 05/01/2014 - 11:14 | 4716035 Dr. Engali
Dr. Engali's picture

Lol..... What an idiot. I feel for the few sane people living in New York. I don't know how they do it.

Thu, 05/01/2014 - 12:12 | 4716360 NotApplicable
NotApplicable's picture

Temporary insanity?

Thu, 05/01/2014 - 12:17 | 4716387 twh99
twh99's picture

There are sane people in New York!  Who knew!

Thu, 05/01/2014 - 11:00 | 4715969 junction
junction's picture

A mansion used to mean a big house, not a two bedroom condo on the Upper West Side.  A million dollars does not buy much these days in most parts of Manhattan.  At least until the next real estate crash. 

Thu, 05/01/2014 - 11:14 | 4716030 RSloane
RSloane's picture

Next up, Deblassio lifts rent controls that have been in place for decades, therebye immediately increasing his tax revenues.

Thu, 05/01/2014 - 12:50 | 4716578 effendi
effendi's picture

Lifting rent controls would be his first sound move. Having property owners subsidising their tenants is unfair, plus it restricts the supply of rentals forcing up prices for everybody else.

Thu, 05/01/2014 - 11:01 | 4715970 Itchy and Scratchy
Itchy and Scratchy's picture

Woohoo the other guy hasn't run out of $$$! Socialism lives!  Parrrrrrtahhhhh!

Thu, 05/01/2014 - 11:00 | 4715971 Oh regional Indian
Oh regional Indian's picture

Communist Tit disguised as communal good.

Classic, needs saying again and again...

The fascists won WWII, made it look like they didn't.

If you deny the "Pig-Pen" nature, increasingly so, of all humanity, get a grip.

1984 was the tell, the Apple ad in 1984 was the signal, Apple's $666 MacI was a tell....

Such a game....brilliant...

yet lame...


Thu, 05/01/2014 - 11:20 | 4716075 Skateboarder
Skateboarder's picture

Damn occult bastards getting off on rigging numerology their way...

Numbers are for everyone, dawg!

Thu, 05/01/2014 - 11:33 | 4716143 Cathartes Aura
Cathartes Aura's picture

numbers are like letters of alpha-bets.

each scribbled figure has meaning attached to it.

one only needs to learn the languages behind,

and watch the coded messages passed back 'n' forth.




actions speak louder than.

Thu, 05/01/2014 - 11:42 | 4716190 dontgoforit
dontgoforit's picture

1's and 0's - bits.  what is '666' in computer parlance?  Anyone know off hand?

Thu, 05/01/2014 - 11:50 | 4716236 Skateboarder
Skateboarder's picture

666 in octal (base-8) is 110 110 110.

In binary, 110110110 is the number 438.

4:20 is the wrong time guys. You're supposed to be lighting up at 4:38.


Thu, 05/01/2014 - 11:56 | 4716267 dontgoforit
dontgoforit's picture

Ok, just curious, what would it be for 1600 Pennsylvania Avenue?

Thu, 05/01/2014 - 11:57 | 4716270 dontgoforit
dontgoforit's picture

Uh....I know.....'0'

Thu, 05/01/2014 - 13:10 | 4716679 Cathartes Aura
Cathartes Aura's picture

"the number 438."

4 + 3 + 8 = 15

1 + 5 = 6

so 3 "binaries" is back to the meme?

cool, lol.

Thu, 05/01/2014 - 14:31 | 4717030 Skateboarder
Skateboarder's picture

Numbers are the shit!

Thu, 05/01/2014 - 11:00 | 4715974 pods
pods's picture

If the free money spigot ever stops, NYC goes tits up.


Thu, 05/01/2014 - 11:01 | 4715975 drchris
drchris's picture

Where can you buy a Mansion for $1M in Manhattan? A crappy 2 bedroom condo is like $800k+. 

Thu, 05/01/2014 - 11:02 | 4715981 chunga
chunga's picture

Every single person drawing a govt. paycheck should be forced to take a piss test by end of day.

No exceptions. EVERYBODY that fails or refuses gets fired on the spot just like; everybody else. Just sayin'

edit - all names made public

Thu, 05/01/2014 - 11:16 | 4716046 ZeroPoint
ZeroPoint's picture

Everyone on EBT too.

Thu, 05/01/2014 - 11:33 | 4716145 chunga
chunga's picture

What a racket that is. I was waiting in line to pay for gas at a variety store and I read this sign about the "pizza" sitting under a light bulb. The SNAP paper explained that it couldn't be purchased with SNAP. But, the vendor was allowed to sell it frozen, then it could be handed right back and cooked and that was fine. WTF? 

Thu, 05/01/2014 - 12:07 | 4716325 waterhorse
waterhorse's picture

Color me skeptical:   In 2011 Florida Gov. Rick Scott — whose wife owns a network of Florida clinics that profit from drug testing — signed a law requiring all welfare recipients to be drug tested. It turned out that only 2.6 percent of the recipients tested positive — mostly for marijuana use. In the short time before the courts struck down the law, Florida had spent $113,000 on the tests, $595,000 in court-ordered retroactive benefits, and by July 2012 had already spent $88,783 defending the program in court. It would have been cheaper to just pay the 2.6 percent their welfare benefits. But the whole point was to make money for the testing clinics, not save the taxpayers of Florida any money. - See more at:

Thu, 05/01/2014 - 12:54 | 4716603 chunga
chunga's picture

Yup, sadly, it would (and did for Scott) just turn into another racket.

Thu, 05/01/2014 - 13:13 | 4716694 Cathartes Aura
Cathartes Aura's picture

pharma is the new corner bag hook-up, the new man to be waitin' for. . .(hat/tip Lou Reed)

now if they were testing for the pharma-LEGAL drugs, then we'd all be knowing exactly what was (obviously)

going down.

Thu, 05/01/2014 - 13:26 | 4716748 Cathartes Aura
Cathartes Aura's picture

lol at that time signature CA. . . 13:13. . . harkens back to the ole sixties-Head-shop codes. . .

13th letter of the alpha-bet, oooh yah.

be-4  4:20, 13 time!

Thu, 05/01/2014 - 11:05 | 4715988 yogibear
yogibear's picture

How about that movie, "Escape From NY"?

The reasons to leave NY keeps increasing.

Let NYC become another Detroit,  

May the entitlement people cannibalize cities like NYC , LA and Chicago. 


Thu, 05/01/2014 - 11:39 | 4716154 forwardho
forwardho's picture

Agree, Shitheads begat Shitholes.

The Old Lady next door to Me is freaking out. Her parents where land owners in Cuba when Fidel got the peons to rise with promises of shareing the wealth of the few. She can't believe its happening in the US, now, while we watch. Her favorite phase these days is " How stupid and blind can people be?"

I echo Her sentiment.

Thu, 05/01/2014 - 12:40 | 4716523 Squid Viscous
Squid Viscous's picture

at least they don't have 6 months of shit weather down there... and potholes

Thu, 05/01/2014 - 11:10 | 4716014 whoopsing
whoopsing's picture

Two hundred thousand home depot sheds in central park ! YAY !

Thu, 05/01/2014 - 11:14 | 4716032 q99x2
q99x2's picture

You are headed in the right direction Di.

Keep those banksters squirming De Blasio. You and Putin. All the way.

Thu, 05/01/2014 - 11:17 | 4716047 NotAMathWhiz
NotAMathWhiz's picture

Shouldn't need a tax, and don't need to print money, we can save a step and go directly to printing houses.

Thu, 05/01/2014 - 11:17 | 4716048 Its_the_economy...
Its_the_economy_stupid's picture

Mansion tax on a one million dollar home in NYC??

Please! No one in a million dollar home in NYC lives in a mansion.


This is a tax the middle class initiative. Call a spade a spade.

Thu, 05/01/2014 - 11:19 | 4716061 Atomizer
Atomizer's picture

Central planning bottlenecks. In one hand; everyone deserves Universal  Healthcare (Government Bitch Bullhorn), pay into jar in minimize cost. Just like the bleeding social security fund contributions & Medicare payroll deduction from your slavery ass paycheck? Where did all the money go?


Simply, the Government has outlaid different pools for new development projects. Tits up, when the scheme goes into default.


Then US President Nagger appears on TV to strengthen new stimulus programs to build bridges, dig ditches, and kill the manufacturing base by globalization. At a point, the steady U6 report will support the collapse of cheaper free shit & entitlements programs. You will be told, those rich wealthy bitchez must continue to bank roll our ideology.  If this doesn’t happen soon, the entire progressive movement will go bankrupt. Another Nigger carnival smock selling divided racialism under community service. The back side, you must sign up for Obamacare or we’ll send in the new immigration masses to place their new dollar in our Ponzi Healthcare Piggy bank. Oink, Oink, Oink.


Fuck you US Government Cunts. It was already tried in the United Kingdom. It failed, so will your voting history & upcoming employment. Carry on fucksticks!

Thu, 05/01/2014 - 11:21 | 4716081 Fred123
Fred123's picture

Yeah, lets build more affordable housing so the knee grows can destroy them in 2 years.

Thu, 05/01/2014 - 11:23 | 4716089 Ribeye
Ribeye's picture

I can't imagine that you get much of a "mansion" in New York for a million bucks, 

Thu, 05/01/2014 - 11:25 | 4716091 Dre4dwolf
Dre4dwolf's picture

LMAO in 3 years almost every house in New York/Brooklyn will qualify for this tax inflation is running rampant in NY, (atleast 4% a year here) time to get the fuck out of here, they are going to tax us all into the poor house, New Hampshire looks pretty good.

Thu, 05/01/2014 - 11:28 | 4716125 yogibear
yogibear's picture

Hurry, and move out before the sucker buyers dry up.

Thu, 05/01/2014 - 11:23 | 4716094 Squid Viscous
Squid Viscous's picture

Good choice for a wife - Scatman Crothers in drag?

Thu, 05/01/2014 - 11:48 | 4716221 dontgoforit
dontgoforit's picture

Ha!  That's quite a visual!  Thanks for the laugh!  LOL.

Thu, 05/01/2014 - 11:26 | 4716114 yogibear
yogibear's picture

Best policy is to move out of states which are tax-happy, vote with your feet.

Vacate them while you can. These tax-happy states will continue to rape private sector people and businesses to hand off the money to the public unions.

Thu, 05/01/2014 - 11:31 | 4716134 mademesmile
mademesmile's picture

A Progressive likes the progressive mansion tax - not suprised. I am shocked the rich aren't fleeing in droves.

Thu, 05/01/2014 - 11:33 | 4716144 WTF_247
WTF_247's picture

Ha HA.

In Manhattan your 1 bedroom 950 sq foot place is now a mansion.  Good luck on paying extra Mr and Mrs. Mogul.

Thu, 05/01/2014 - 11:35 | 4716159 Atomizer
Atomizer's picture

Welcome to the next taxpayer flight of safety when NY Government cannot balance a check book based on taxpaxer's fleeing the city.


Reap what you sow,
Judge: Out-of-State NY Property Owners Must Pay NY Income Tax|February 11, 2011

Thu, 05/01/2014 - 11:38 | 4716167 deerhunter
deerhunter's picture

Any morel hunters in here?  Any tips?  I love cooking and eating them but have never hunted them.  I am all ears.  Thanks.

Thu, 05/01/2014 - 13:17 | 4716703 Cathartes Aura
Cathartes Aura's picture

head for where last summer's fires burned back the forest.

fire morels.


Thu, 05/01/2014 - 11:39 | 4716168 Ribeye
Ribeye's picture

the internet tells me that this clown won by a landslide, with 72% of the vote,


What the hell is going on in New York?


are there no Americans there or something? 

Thu, 05/01/2014 - 11:44 | 4716200 sandhillexit
sandhillexit's picture

cautionary tale, since today is May Day.  The Kenwood neighborhood in Chicago was full of mansions and served by Grand Boulevard for a quick carriage ride into the city.  When you google it now you get three suggestions, "real estate" "crime" and "demograghics."  After the Haymarket Square Riot (the original May Day in 1886) real estate advisors suggested decamping for the North Shore.  If history rhymes, the question is just how many housing units you can carve out of a McMansion.  

Thu, 05/01/2014 - 11:46 | 4716212 Mr. Delicious
Mr. Delicious's picture

What a surprise - no to legalizing and taxing weed, yes to more counter-productive taxes, and presumably to more laws regarding how much junk foo one can buy.

O/T, but NY does not have the lock on dangerous idiot "progressive" politicians.  MA's Ed Markey seems to have read 1984 as a kind of how-to guide:

I suspect that one or two people who whispered in Markey's ear about this were primarily concerned about harsh but true/fair criticism of the US and Israeli governments. 

Enjoy your rights while you can, boys.

Thu, 05/01/2014 - 11:47 | 4716216 Mi Naem
Mi Naem's picture

Robbin' 'hoods. 

Thu, 05/01/2014 - 11:47 | 4716219 syntaxterror
syntaxterror's picture

The know-it-alls in New York Shitty are getting what they deserve.

Thu, 05/01/2014 - 11:48 | 4716225 Seize Mars
Seize Mars's picture

How about a "fake name" tax?
Bill DeBlasio = Warren Wilhelm

Thu, 05/01/2014 - 12:06 | 4716241 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Reality probably is this tax is really going to imposed mostly on them Chinese and Russians buying real estate and homes with cash as they use Socialism to drive them out of New "Khazaria" York and in turn use that tax money to fund the IMF loan to Ukraine aka Old Khazaria/New Samaria. Remember they said their would be 'costs'.

Thu, 05/01/2014 - 11:57 | 4716275 Ariadne
Ariadne's picture

Probably this will apply only to secondary properties - investments, rentals, so the tax will trickle down onto the lessees, who will be expecting their cut instead.

Thu, 05/01/2014 - 11:59 | 4716281 Bemused Observer
Bemused Observer's picture

Who is going to be buying those assets they wil be selling off to avoid taxes? The other wealthy who are also selling THEIR assets? The poor and middle class? Seriously...reality and common sense would tell you that the tax revenue has to come from somewhere. You can't squeeze any more from the middle class, and the poor don't have it. The government cannot employ, the private sector will not employ, and people STILL need to eat and live somewhere, so they have to be supported. Rock, meet hard place...

All of the angst and rage over the "unfairness of redistribution" is nothing but meaningless drivel. As I hear quite alot from the budget-slashers, life isn't always fair. The FACT is that unless money, which is the blood of the economy, is allowed to flow freely to ALL parts of the body, you will have stasis, clots, stroke and death, in short order. The economy doesn't care HOW you manage to do it, just that you get it done. If you don't, you get the consequences, period.

So, you want to argue over 'fair'? Fine, but it changes nothing. At the end of your argument, whoever "wins", you are still facing the exact same choice you had before, only with less time to make it. You gotta get the money MOVING again...

Thu, 05/01/2014 - 11:59 | 4716282 LetsGetPhysical
LetsGetPhysical's picture

Average home price in Manhattan is over $1,100,000.... so this tax applies to everybody?

Thu, 05/01/2014 - 12:06 | 4716316 Zerozen
Zerozen's picture

I'd be more interested in what the median is. I bet the average is skewed upwards by the megaexpensive condos.

Thu, 05/01/2014 - 13:08 | 4716670 thedrickster
thedrickster's picture


Thu, 05/01/2014 - 12:23 | 4716421 Atomizer
Atomizer's picture

The 911 bombing revenue pay back never reached growth potential to expand development within the NY City. It ended up in the pockets of conspirator figureheads.

CNN - WTC Gold and Silver below Ground Zero


Thu, 05/01/2014 - 18:15 | 4716426 aFalseProfit
aFalseProfit's picture

Stupid NYC Mother F**ckers.  If they are too stupid to vote for someone who will preserve their rights and interests... they deserve to lose them.


As everyone here knows... the "mansion" tax is applicable to the bulk of housing in NYC. 


Just in case there was any doubt... it should be evidently and abundantly clear that government has long since ceased to exist to serve The People.  Government, at all levels, is now centered on how to carefully withdrawl as much blood as possible from the population without causing a revolt or exodus.  

Thu, 05/01/2014 - 12:27 | 4716447 Atomizer
Atomizer's picture

Under the progressive agenda, they cannot figure out a way to fund union pension funds, call it legacy revenue cost which are unpayable in NY, NJ, and CT regions.


Do we repeat a WorldCom, Enron and repeat the loss of investors documents when Larry Silverstein stated pull it!

Thu, 05/01/2014 - 13:07 | 4716665 Atomizer
Atomizer's picture

<Crickets>  You might find yourself walking into a no gun zone district and get robbed. Run back to your Democratic plantation and ask how did those hooded EBT KKK entitlement individuals need more free money? I was robbed at gun point in New Orleans several weeks ago.  I’ll never go back, extremely sick and degenerate people.

Thu, 05/01/2014 - 13:07 | 4716668 LFMayor
LFMayor's picture

How you like that you dumbass liberal sops?  The crocodile you've raised, feeding it with everyone else's monies is now BIG. It's so big, it's not getting full at mealtime.  Now it's going to eat your philanthripist, do -gooder asses, too.


Thu, 05/01/2014 - 13:17 | 4716710 Walt D.
Walt D.'s picture

You can buy a mansion in Manhattan for $1 million? What is he smoking?

Thu, 05/01/2014 - 13:23 | 4716740 Duude
Duude's picture

I could be talked into a campaign tax.

Thu, 05/01/2014 - 13:44 | 4716824 dunce
dunce's picture

Nice house you have there, we have decided that you will buy a more modest house for a self proclaimed starving artist. No, it will not not be near by you. A big campaign contributor has some a possible super fund site he wants to sell for a huge profit before it gets an official designation and that is where the affordable housing will be built.  Crony capitalism in action.

Thu, 05/01/2014 - 14:08 | 4716927 Mario55
Mario55's picture

Obama and his cohort are quickly putting the USA on the track to socialism and hence to stagnation.


Thu, 05/01/2014 - 14:12 | 4716947 Spungo
Spungo's picture

I hope all of the rich and upper middle class people flee New York just so NY can collapse. Rich people are not gods, but they're not bitches either. Nobody should tolerate this bullshit.

Thu, 05/01/2014 - 14:41 | 4717079 khakuda
khakuda's picture

It is laughable that a $1,000,000 studio/one bedroom is being called a mansion.  I'd love a mansion with 700 square feet, no ensuite laundry, no thermostatic control of heat or /ac, no screens on the windows....

Thu, 05/01/2014 - 16:07 | 4717307 Angry Plant
Angry Plant's picture

A million dollar house isnt that rare in California and I suspect Newyork city its even more common.

This sounds like a plan to tax upper middle class and use the money to build slums. I saw what a political deal between developers and democrats to allow a massive building spree of houses. Just as long as a certain percentage of new houses were built for low income did to my city in northern california. The end result was they closed down some of the projects in Oakland and the shipped people in them fifty miles inland to us. Schools went to hell, crime rate shot through the roof, property prices dropped to two thirds of simular homes in next town over that didn't say we demand you build X% afforable housing when you build new homes.

My guess is Mayor de Blasio will be gone as soon as next election happens the question is how much damage can he do before then.

Thu, 05/01/2014 - 17:24 | 4717758 Rusty Nayle
Rusty Nayle's picture

Happy May day!

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