2019-03-15 —

There's speculation that after Kenneth C. Griffin, the hedge fund multibillionaire, bought a Central Park South apartment for $238 million, it became a little more feasible to suggest that maybe people worth $10 billion could afford to pay a little more in taxes so the roads, bridges, and mass transit systems that keep the cities and their businesses running can be fixed in the supposedly greatest city in the world in the country of American Exceptionalism


The New York Times explains why the tax makes sense in these cases and how the city is hurt right now without it. "The $238 million record purchase was a visceral reminder that when wealthy buyers like Mr. Griffin purchase expensive apartments as second homes or investments, New York City and the state get less financial benefits than if the home was owned as a primary residence. If the buyers live out of state, they are not subject to state or city income taxes, and do not pay New York sales tax while outside the state."

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