OpenAI's Identity Crisis, Datacenter Wars, Market Up on Iran News, Mamdani's First Tax, Swalwell Out
- •
NYC pied-à-terre tax will crash housing demand
“I just think that it's gonna kill the demand for second homes. If you were a person who is thinking about buying a Piazza in New York, there's no way you would do it now. Because you don't know what the tax rate's gonna be, and it's gonna keep going up, and that has to be a bad thing for the city.”
- •
Supply-side construction lowered rental prices in Austin
“Austin has, like, roughly doubled as a city over the past decade, and yet the rent for, you know, whatever, a one or two bedroom apartment's gone down. In other words, if you let people build to satisfy the demand, you won't have this problem.”
- •
London's tax changes caused massive capital flight
“They essentially crippled what's called non dom status, which is the big tax arb if you moving or parking assets in London. And what did all the rich people do? They just redirected themselves to Zurich, to Lugano, to Milan, and they took advantage of more hospitable tax policy in other places.”
- •
Pied-à-terre owners are highly profitable for cities
“The thing is they're already paying taxes on the property, and because they're not there very often, they're not using city services. So they're paying taxes on the property, they're not using city services, and they are essentially profitable to the city. The second place thing goes away and that money goes elsewhere.”
- •
Targeting billionaire residences creates dangerous security threats
“It's a dog whistle to say that's the next UnitedHealthcare CEO. And in the week that a fire a a Molotov cocktail and a bullet gets shot into Sam Altman's house, it's deadly serious. Just before you point at people's homes and say this is the villain, be careful because nobody deserves to have their house fire bombed or shot at, period.”