[Townhall] Kevin O’Leary tore into a CNN panel over New York City Mayor Zohran Mamdani’s latest attempt to close a nearly $7 billion budget shortfall, a plan that includes a two percent tax on the city’s wealthiest residents or, failing that, a sweeping 9.5 percent property tax hike on homes and businesses alike.
Mr. Wonderful warned that if enacted, the proposal would turn Mamdani into the real estate agent of the year, predicting it would accelerate an exodus from New York to low-tax states like Florida.
#3
The problem is that, if you own property in New York, you're likely to have a tough time selling it for what it was worth before Mamdani. Who wants to buy property in a city where the mayor believes that you should not be allowed to own property?
Posted by: Abu Uluque ||
02/19/2026 11:42 Comments ||
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#4
if you own property in New York,
The ugly answer is to mortgage it to the hilt and move to Florida. The owner maximizes whatever profit can be got at this late date, the bank is stuck trying to sell in a few years when they get around to foreclosing, and New York (city and state) can argue with the governor of Florida whether New York can go after the absentee landlord.
The tenants are screwed, of course, but that was guaranteed the moment the vote count was announced last November.
Alternatively, go condo, sell to the tenants at a startlingly low price to at least get some cash out, and let them take out the mortgages. Either way, it’s definitely Greater Fool time for those willing to cut their losses rather than try to fight The Man.
Sez Patrick to Michael,
"Begorrah, from Brooklyn to Baikal,
All over the world,
First they feasted, then hurled."
"Sure, it's almost as if there's a cycle!"
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
