On the Market: The Wealthy Will Not Be Scared Away by Higher Taxes

(Atomische * Tom Giebel/flickr)

(Atomische * Tom Giebel/flickr)

It’s not only hedge firms and private equity investors that are snapping up single family homes to rent out; independent investors are also trying to get into the game, according to The New York Times. And though the task of administrating a property from afar may seem daunting, several franchise firms have emerged to take care of any complications.

An even better investment, though, would be a beer hall and food truck food in a rapidly gentrifying Brooklyn neighborhood. The Awl documents how testy the local yuppies have become over Berg’n’s delayed opening at Jonathan Butler’s  haute Brooklyn bohemian complex in Crown Heights. When it is opening!!! They literally cannot, cannot wait!!!

The New York Daily News has declared a victory for gentrification in Gowanus and it wishes that all those community protestors would shut up and enjoy their new access to things like Whole Foods, Ample Hills ice cream and that shuffleboard club. “Curse your new neighbors if you must, but you’d be better off finding something to sell them.” Though we don’t think those are entirely the two options open to gentrification’s opponents .

So much for the myth that higher earners flee to other locales when progressive income tax structures are implemented. The New York Times reports that 86 percent of the high-income households that left the state for other high-tax states. And that “despite the allure of tropical fishing, only 2 percent of the wealthier households bolted for Florida.” Even former mayor Michael Bloomberg, despite his rhetoric, has admitted as much: “I can only tell you, among my friends, I’ve never heard one person say, ‘I’m going to move out of the city because of the taxes.”

California, likewise, found that enacting steep sales tax increases and three percentage point increases on each additional dollar millionaires made has had no deleterious effect on the economy, reports the Sacramento Bee. In fact, California had a 2.8 percent increase in jobs in 2013, significantly more than the national average.

But in New York, attempts to level the playing field are sometimes met with strange, less-than-ideal results: i.e. poor doors. The New York Post reports that Extell’s application for inclusionary zoning at its Upper West Side condo tower, which would involve a separate entrance for non-market rate tenants.

Manhattan office buildings have regained their pre-crash highs, according to an analysis by Green Street Advisors, as reported in The Wall Street Journal. But as with so many (all?) good things, no one actually feels all that good, an investors are apparently wondering, now that the market has regained its former heights, how long it will be before things head south again.

Still, real estate values are high enough that longtime Manhattan non-profits like New York Foundling are moving to the outerboroughs. New York Foundling, which recently listed its West Village home for $47.5 million, will be heading to Long Island City, according to Crain’s.

It isn’t always about getting from point A to point B: a new app would allow users to find more pleasant, beautiful routes between points A and B, Architizer reports. The app, which draws from the hot-or-not of urbanist sites, urbangems.org, has not yet debuted in New York, but it may be coming to Boston before long.

The Atlantic Cities blog takes a look back at dying industries of New York that are, well, dead. Twelve years ago, WNYC captured the lives of a seltzer man, water tower builder and bra fitter, among other failing professions, that they envisioned as obituaries for soon-to-be-vanished industries.

Last of all, a new hotel opening on Park Avenue South aims to give guests the feeling of staying in a real New York City apartment, albeit at much higher rates, according to The Real Deal’s Luxury Listings. The proprietors of the hotel, Marmara, want their guests to feel like they really live in New York. And …  are either coyly making a play for the Airbnb market or have never heard of it.

On the Market: The Wealthy Will Not Be Scared Away by Higher Taxes