New Yorkers Bought $1 Bil in Florida Property Since De Blasio Win

de blasio

Considering that a small number of wealthy people pay most of New York City’s taxes, it shouldn’t be a problem if they leave. It worked out fine for Motor City, it’ll work out great for the Big Apple.

One friend says 10 wealthy people have told him they are leaving and another says disgusted New Yorkers bought $1 billion in residential property in Florida since the November election.

The Sunshine State confers an automatic tax cut of about 12 percent because it has no city or state income tax, nor does it have an inheritance tax.

Beyond taxes, the mayor’s open hostility is a factor. His insulting treatment of former Mayor Bloomberg at the inauguration remains a cloud over him. As one affluent woman, a self-described liberal, told me, “De Blasio hates me, so I hate him.” She doesn’t personally know him, but draws her conclusion from his words and deeds.

As Bloomberg often noted, about 5,000 very wealthy families paid 30 percent of the city’s income tax. Losing even a few of them means significantly less money for filling potholes and hiring cops.

But then William Wilhelm Jr. aka Bill de Blasio will just raise taxes and more people will flee and he’ll raise taxes more and then Detroit.

“One of the most interesting things about 1975, when NYC almost went broke, was that in the previous seven years, the city kept borrowing more and more money,” he told me. “And all of a sudden in February of 1975, the city had $8.5 billion of debt and no way of paying back unless the banks were willing to continue to underwrite it. And they weren’t. The question was, why did they keep lending up until then?”

Luckily New York City doesn’t have $8.5 billion in debt now. It has $110 billion in debt.

Bill de Blasio’s budget is a mere $73.7 billion. Debt service eats up 9% of the city budget. Interest payments will hit $7 billion a year during de Blasio’s first term.

But at least Bill de Blasio is known for being a responsible money manager? Sorry, he’s a progressive. They don’t do responsible.

Bill de Blasio is in debt up to his eyeballs.

He has treated his two Park Slope houses as ATMs, taking out a series of loans on each that have left him owing $1.28 million, city records show.

He and wife Chirlane McCray secured a $360,000 mortgage in 2000 to buy the 11th Street house where they now live. In the ensuing years, they took out lines of credit on the home and modified their mortgage several times as it rose in value.

Just last month, they took out a $650,000 mortgage.

Just wait till William Wilhelm Jr. mortgages all of the city, changes his name and gets on the first plane back to Venezuela.

 

  • NAHALKIDES

    Someone should start a pool based on the month and year NYC formally goes broke again. Of course, as a factual matter it’s broke now, but how long will it be until it can’t pay it’s bills, such as the interest on the debt?

    • A Z

      Call it a NYC Death Watch.

      Make sure everyone links it to progressive policies in general & de Blasio in particular.

      It would be like a football or basketball pool. Make predictions and see whose reasoning is right.

    • BS77

      New Yawkers may be ready to recall da Mayah. yeahhhh, Forgeddaboudit.

  • 20pizzapies

    way to go DBlasio , we here in Florida will welcome disgruntled New Yorkers , not to mention boosting the real estate market and getting home prices back up .But don’t worry Daniel , NYC Mayor has it’s perks , just a few deals with The Donald and DiBlasio will be back in the black lickety-split .

    • Stone

      only if they don’t bring their NY morals and values and voting mistakes with them to Florida

      • 20pizzapies

        Are yours any better ? How do you know their morals and values or who they voted for ?
        Floridians put a convicted for Medicare fraud , felon in office as Governor .

        • Major

          And Florida has a $1,000,000,000.00 surplus. And he doubled the Homestead exemption credit to $50K.

          • 20pizzapies

            Uh …….P.S. the Homestead exemption was not doubled under Scott’s Admin . Do your homework .

        • notme123

          every hospital involved acted independently. it was at a time when the drg system was new, and every hospital was doing the same thing, but humana(hca) was the scape goat. Scott was never convicted of anything, he took the fine and never pursued the charge.

          • 20pizzapies

            Yea he paid the fine , meaning he was GUILTY OF FRAUD . [ pursuing it would have landed him in jail ] He’s a thief , and just because anyone else is doing it and he just happened to get caught mitigates the FACT that he’s a THIEF ?
            If you believe you’re own B.S> I think DiBlasio’s got a bridge in Brooklyn he wants to sell you .

  • 20pizzapies

    Can’t blame that all on DiBlasio , FlA’s got no state or city tax , plus it’s a homestead state , no one can take your house on a lawsuit . New Yorkers have been streaming down here since the late 70′s and nasty winters up north are usually followed by spikes in that .

    • NAHALKIDES

      No one’s trying to blame it “all” on DiBlasio; but when things get worse in NYC at a faster rate than they are in other big cities in Barry’s America, the suspicion has to be that DiBlasio has something to do with it, just as the Dems 50-year hammerlock on Detroit has something to do with that city’s destruction. And when you can trace NYC’s decline to DiBlasio’s specific policies, such as tax increases, there’s really no doubt.

      • 20pizzapies

        NYC’s decline ? Oh give it a break , the man hasn’t been in office long enough to trace ANYTHING TO ANYTHING . Think before you speak man . “No doubts ” ? yea in your mind that is .

        • NAHALKIDES

          Did you not read this article? What do you think the purchase of this much FL property by wealthy New Yorkers since DeBlasio’s win portends?

          • 20pizzapies

            It doesn’t “portend ” anything . For the past 5 decades New Yorkers have been buying property down here . $ 1 billion is nothing when they’re buying homes in subdivisions where the starting price is $1.2 million . Don’t be as ignorant as the author when it comes to Florida real estate . In addition thousands of NY doctors put their nest eggs in Fl.Real Estate because aside from the IRS ,the property is untouchable in Law suits . And New Yorkers will continue to buy real estate down here , no state or city tax, no freezing winters .And that’s not even counting the thousands of middle income retirees cashing in on their NYC homes and getting a paid in full house here with money left over . YOU and the author don’t know what you’re talking about .

  • truebearing

    The more that leave, the more that will want to leave. No one wants to ride the Titanic down alone.

  • Tiberius

    I can not wait that the Big Apple goes the way of the Motor City, but in the end the local voter will never take responsibilty and somehow blame Wall Street, Republicans, etc. I hope I see to live the day the chickens come to roost.

  • Painted Horse

    Thanks for censuring my comment FPM. You are just great.

  • Painted Horse

    Stay in NY all you liberals we don’t need your change. How’s that? Does that pass your censorship?

    • 20pizzapies

      Yea , it makes you look like an idiot . New Yorkers just like any other citizen in this country will go where they please . Suck it up .

      • Painted Horse

        Eat a bag A$$hole you can go back too

        • 20pizzapies

          OOOH LOOK , little poop-fer-brains got his dander up .! You’re not in the position to tell anyone to do anything . Go pound salt schmucko .

          • Painted Horse

            Hahaha Have a nice heart attack fatso!

          • 20pizzapies

            Hahaha , I’m 6’1″ 180lbs . …..jack assssss .

      • Painted Horse

        Stick another 20 pies in that fat mouth of yours Jack.

  • Hard Little Machine

    Maybe disincorporation is next? The Breakaway region of Staten Island declares itself independent?