New York has gone full socialist, wealth-transfer, progressive fringe nuts with a cherry on top. A $175 billion budget was passed by a Democrat-controlled legislature and signed by Gov. Andrew Cuomo.
Now rich New Yorkers have more reason than ever to flee the jackbooted Empire State. A real estate transfer tax of up to 4.15 percent will be levied on the sale of properties over $25 million.
How this will benefit the middle class is beyond me. And why anyone who paid $200-million or more for a pied-à-terre would want to continue buying and selling real estate in New York, paying $8 million to the city when other homes in other places are more desirable escapes me.
Also remember that New York is the most ridiculously expensive place for the government to build even the smallest structure. A public bathroom in a Brooklyn park with two urinals, one stall and a tiny sink cost the people $2 million. That’s a $50 million apartment sale. New York legislators are deluding themselves.
Going the way of London (England), lower Manhattan will become a no-drive zone, except for those willing to pay a toll. This “congestion tax” will supposedly fund a beleaguered public transportation system. Except that most people react to paying a high toll to drive somewhere by not driving there. Expect the revenue from the “congestion tax” to barely be able to fund administration and enforcement of the tax itself, never mind providing cash for the subway and buses.
This will be nothing more than another boondoggle for the Chief City of Boondoggles.
A ban on plastic shopping bags won’t do much except give New York shops more reason to charge for paper bags and branded reusable shopping bags. The homeless will find their plastic bags other places.
One small positive in the sea of progressive dreams is the elimination of most cash bail requirements.
Under the budget legislation, the state will eliminate cash bail for most misdemeanors and nonviolent crimes, though it will not be completely eliminated, as some of the Legislature’s more liberal members — still recalling the case of Kalief Browder, who took his own life after spending three years on Rikers Island because his family could not raise $3,000 bail — had hoped it would be.New York Times, March 31, 2019
Non-violent criminals don’t belong in Riker’s Island or some county jail, waiting for a trial that could take months. Maybe some other states (like Georgia) will follow New York’s lead. But without oversight, New York’s law could have the same issues that Atlanta has: a huge increase in bond-skipping criminals.
It’s not necessarily a pox on society when indigents charged with non-violent crimes skip out. But again, in New York, it will be nothing but another boondoggle rounding up these skips and scofflaws. However, it might ultimately be cheaper than paying for care and feeding of inmates who can’t raise cash bail.
In the end, these socialist top-down-planning measures will have the effect all government programs have. They will simply grow government, which has no limit to its own proclivity to absorb every dime collected with no apparent return on the investment. These “extra” funds planners think will go toward better public transportation, faster justice, and infrastructure will never materialize.
But the regular (not rich) people will pay for all of it, while cushy government jobs continue to featherbed the politically connected. Classic New York.