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by rentpeek
1213 days ago
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Yea the tax loss for the city is really going to be a huge problem. I think something like 30% of the tax base for NYC comes from commercial RE? Where do they make that up from, income tax? Sales tax? At what point do high wage earners decide enough is enough and move to Florida or Texas? Scary possibility for a tax funding death spiral here. |
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Middle class people probably get a better deal moving to Florida/Texas. High Net Worth Individuals are too rich for it to matter.
But regular old high income people (LOL) are unlikely to save any money moving to Florida/Texas if they are looking to maintain the same lifestyle.
Nice places in those states have become really expensive, and there are all sorts of other costs that people don’t always look at (like insurance, for example). In Florida, especially, you won’t know what your property taxes are until after you buy the house - except that you know that they’ll be much higher than the current taxes.