And no, it's not obnoxious or self centered to say that if the NY government doesn't fix it's massive number of problems that bad things are going to happen. It seems pretty clear that's the case.
And no, it's not obnoxious or self centered to say that if the NY government doesn't fix it's massive number of problems that bad things are going to happen. It seems pretty clear that's the case.
What he means is that the people who remain will be those who are too poor to leave. Whom will be slowly replaced by wealthier and wealthier transients. Which is sad, by far the worst kind of gentrification.
You don't need any kind of net migration to do this, gentrification has already done it over the last 20 years. People who move there now don't care about that, though. They care about the city being Disneyland for rich people.
You're starting to see this in bits and pieces already. New rental space is primarily going to chain restaurants and box stores because the rent is too damn high for anyone not corporate to get started. _The Atlantic_ was talking about the issue of lots going vacant for months at a time because the owners are holding out for insane lease prices...in part because they need to pay insane taxes on the property.
I love New York (in small doses) but it's not tenable as it exists right now.
If they rent out something for a discount, it will read to a reevaluation of their entire property, which would then lead to them being underwater and impossible for them to borrow more money.
This is true not just in New York but all of the US where property owners are heavily indebted and rely on debt to both grown and maintain their businesses.
Having to default means that they basically can’t borrow anymore and can’t continue their businesses.
It has nothing to do with taxes, which would drop if they rented out their property for less.
It’s better to say what you mean than expect others to figure it out.
Sure, I will concede that it is the listener's responsibility to seek clarification when responding to an ambiguous statement or claim. But here, there was no ambiguity, just hyperbole.
Hyperbole is used far more often here (and on the Internet in general) than it ought to be. We can, and should, have nuanced discourse here. Let's keep the bar high.