The Great Return: How to get the wealthy to come back to New York City?

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When will New York City's wealthiest come back when they're scared of density? Contracts doubled in Westchester, doubled in the Hamptons, even more than that in nearby Connecticut.

Gov. Andrew Cuomo and Mayor Bill de Blasio don’t agree on much these days, but they are singing one verse of harmony: It sure would be nice if some of New York’s wealthiest COVID-19 refugees would come back home. Leave their Hamptons hideaways. Exit their Hudson Valley quarantines. Depart their Connecticut weekend manses, return to New York City, and start paying their full share of taxes again.

“I literally talk to people all day long who are now in their Hamptons house and also lived here,” the governor bemoaned to reporters in the city. “And I say, ‘You gotta come back. When are you coming back? We’ll go to dinner. I’ll buy you a drink. Come over. I’ll cook.”See: ‘I can’t believe this is America.’ Confronted with unprecedented need, New York food pantries try to fill in the gaps

So the last thing the city and the state should be thinking about right now is raising rich folks’ taxes. Or so Cuomo argues. That could convince some of the Richie Riches to stay away for good.“Fair-weather friends,” de Blasio grumbled about selfish city dwellers who are hiding out of town until a vaccine is found and the recent crime wave blows over. “This city is for New Yorkers who live here, who work here and fight to stay here,” the mayor sniffed.

These are tough times, the mayor emphasized. The city budget is a disaster area. People rich enough to have two or three homes—should they really be ducking the city income-tax surcharge by temporarily shifting their residences? If they were spending money like they used to, at least the city would be getting its share of the sales taxes.

But unless that money gets here soon, the state will face budget cuts in the 20% range, enough to devastate school aid, subway subsidies and all kinds of other vital services. The city cuts could be even sharper. Cuomo estimated that the health crisis — the extra cost and lower revenue — has blown a $30-billion hole in the next two state budgets.There is no other way to read the real estate sales data released late Thursday by the Manhattan broker Douglas Elliman and appraiser Miller Samuel.

Contracts doubled in Westchester, doubled in the Hamptons, even more than that in nearby Connecticut. “Anything within a two-hour radius of the city is as busy as it’s ever been,” said Scott Durkin, president of Douglas Elliman. “There’s just this fear of density right now.”

 

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Throw the mayor in prison and allow the police to do their jobs

When mayor is not Blasio, May be.

The destruction of NYC by Deblozo and The Gran Poobah are the reasons why people won’t come back. Crime is out of control. Hope everyone leaves.

It ain’t happening Chief. Democrats have destroyed NYC!

Crime is also a big reason people won’t be returning to NYC.

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