Quote:
Originally Posted by tjr101
I do have a problem with the proliferation of these skinny super-talls that's constructed and purchased by shady foreign LLC's that do nothing to contribute to the general infrastructure of the city.
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Except there's no such thing.
Places like Miami and London are dominated by foreign money. NYC is dominated by local money. Even the most foreigner-friendly buildings in NYC are like 30% foreign, which is nothing for a global city.
NYC has a greater concentration of wealth than anywhere on the planet. It doesn't need foreign money, and there isn't really a reason for foreign money to invest in NYC real estate, unless they actually plan on living here. If you want to hide shady ill-gotten gains, there are much more friendly jurisdictions to hide your wealth.
And anyone buying a condo in NYC is obviously contributing to the general infrastructure of the city, given that the city has some of the highest property transfer taxes on the planet, alongside a sizable mansion tax. A typical unit on Billionaires Row delivers $1 million+ in transfer/mansion taxes alone (and that's before property taxes). Frankly, if anything, it would be to NYC's benefit to be more friendly to foreign money.
Also, office buildings aren't really less targeted to "the rich". One Vanderbilt has $200+ sf rents. Even fancier 425 Park Avenue has the highest asking rents in the U.S., and will have one of the most expensive restaurants anywhere at the base (same chefs/owners as Eleven Madison Park, probably highest rated restaurant on the planet). Tenants will be nothing but banks, hedge funds, and other extreme high salary employers. The same people living in nice new condos are likely to be working in nice new office buildings.