...The issue of occupancy in New York City has become a hot-button topic in recent months, with much made of foreigners who buy expensive apartments to use for just a few weeks a year. Some argue that they drive up prices, while others bemoan the fact that these buyers do not pay personal income taxes. A bill has been introduced in Albany that would impose an annual pied-à-terre tax on properties worth $5 million or more... ...As for the data that has been uncovered, “it reflects the increasing level of income inequality in the city, that you can buy a relatively expensive condo and not have to occupy it all the time,” Mr. Beveridge said. “Housing has a strange spending curve. If you are poor, you spend a high proportion of your money on housing. Then as you get up into the middle class, people pay off their mortgages and you don’t see as much spending on housing. Then as you get really wealthy, the rich spend a lot on housing, but they do it by having a lot of homes.
Posted on: Sun, 11 Jan 2015 00:15:12 +0000
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