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Jimmy_kong253 t1_jca74is wrote

Reply to comment by ahtasva in New rail station to be built ahead of delayed PATH Newark Airport extension by 66nexus

Well as far as you saying about Russian owning it. A times article a couple years ago pretty much showed evidence that the majority of Manhattan luxury rentals were owned by shell companies with links to out of the country people or businesses. As far as taxes building owners aren't paying their fair share and just like with the rest of the wealthy that tax burden gets moved on to the average nobody barely getting by. Now as far as you saying people should earn more money well thanks to the pandemic people have been getting paid more and employment has been low. What does that do? the feds scream and cry people are making too much money and unemployment isn't high enough which is why they're raising interest rates now to create that unemployment level that is acceptable to the economy and supposedly will bring down inflation

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ahtasva t1_jca9ah0 wrote

I said nothing about ownership. I was talking about occupancy. Are the majority of occupants of the luxury rentals Americans? If so, why are they less worthy of enjoying public services (that they pay for through taxes)? That is the crux of your argument. With better transit comes more expensive housing and that in turn causes displacement of existing residents. All points I agree with btw. What I don’t agree with is your solution. You want the luxury apartment to go “elsewhere”. Where will they go? Even if they could; why should they?

The point I make and you willfully sidestep is that i think your solution is wrong. It’s wrong because it divides people. It encourage people who would otherwise have things in common to hate and mistrust each other. I argue that as a result of this we can never have nice things because we can never unite over the things we agree on long enough to get it. That is bad for all of us.

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Jimmy_kong253 t1_jcaa5sd wrote

I don't want them to go elsewhere I want tax abatements for private companies to be banned outright. If you know your development is going to charge $2k or more for units honestly you don't need a tax break and if you're whole business profit plan depends on those tax breaks in the first place then you shouldn't be in business. I'm against the shifting of taxes on the ones who can't afford it

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Newarkguy1836 t1_jcj6bek wrote

Banks don't lend money developers based on how much they're going to charge for rent. They lend based on How likely they are to make a return profit & potential risk on the money they loan to developer.

Tax abatements and pilot programs lower the risk to Banks, allowing them to lend more easily in areas they consider high risk and traditionally redlined.

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