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Yuri Bezmenov's avatar

Empty New York real estate will be converted into taxpayer funded free housing for illegals. Many hotel owners are already making fortunes from it, worth looking into the list. NYC is spending billions on 200,000 illegals. The NYPD is overwhelmed by all the criminal gang activity and it’s getting worse by the day. The Biden regime is turning every “Progressive” sanctuary city into a communist utopia favela.

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WP William's avatar

Modharmya needs to lobby getting all those intruder-community members fully vaxxed--how did they miss that low hanging fruit?

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YYR's avatar

That would be inhumane.🙄

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JW's avatar

It might be wishful thinking but my gut says if Trump is back in control NY might get a second wind.

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AngelaK's avatar

He (and Giuliani) *were* the face of NYC! They were the Kings of its Renaissance after the 70s...and now they have been exiled. So sad.

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Heterodox Introvert's avatar

Careful where you enthrone folks. Giuliani is a politician. IMO, 9/11 forever marks him as one of the criminal cartel. Evidence: https://www.youtube.com/watch?v=RClIv7sG64I&embeds_referring_euri=https%3A%2F%2Fwww.protectingall.org%2F&embeds_referring_origin=https%3A%2F%2Fwww.protectingall.org Fast forward to ~1:15:00 or so; Giuliani implicated in the surrounding 5-7 minutes of footage. (The entire film is worthy of a watch, particularly if one has never strayed from accepting the narrative or by contrast has any nagging suspicions.)

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Rick's avatar

Maybe, but does anybody believe that somebody bought a building for 332million without including the land? I don't know if the NYT article states as much but come on. They sold the land for 285m in 2019. So most of the 332 was recovered then.

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Irunthis1's avatar

The article said the rent on the land was more than the total rents currently being taken in from the low capacity. Apparently that’s a thing in NYC — sort of like trailer parks in Kansas. You own the “house” but not the land. Stupid imo for the homeowner. Great for the land owner.

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Anita from Tucson - Now In MI's avatar

I had the same thing in California.

Owned my ''mobile home'' but not the lot it was on. Paid mortgage and rent!

Still it appreciated so much in value that I had equity of $18K on a '70s double wide, after living in it for 5 years. It's called ''affordable housing'' in CA...

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AngelaK's avatar

I don't understand. When you buy commercial real estate in NYC, don't you own the land your building is on?

I recently read about a popular diner closing in Queens, with the owner saying that although he owned the building, he didn't own the land, and something or other...and he decided to leave.

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CH's avatar

In simple terms, it is called ground rent. NEVER agree to buy a building in which you have to pay ground rent. You only own the structure in that scenario.

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Bonnie Ferguson's avatar

I pay "ground rent" to the government on my rural land. They call it "property taxes".

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Kate's avatar

We and all the farmers around us here in commiefornia do the same. And it goes up depending on the crop - listed as “improvements”. Makes it very difficult financially. Once property taxes were legalized private ownership went out the window. Truly awful. So much so wrong with the government overreach.

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AngelaK's avatar

My mother owned commercial real estate in Brooklyn, NY. No ground rent that I know of at that time. (Before 2000)

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Robin Greer's avatar

In commercial areas, the cost of everything is so high because elitist investors own the land which you rent from them at exorbitant prices. They love their passive income. You will own nothing and you will be happy - sound familiar? This system makes the wealthy very wealthy and makes life exorbitantly expensive for the peons and surfs. It's like this in all cities and it's such a rip-off. It's worse than a time-share. As an example, hair salons are so expensive because of the rent - in an small city in a not so good part of town and in a not so well maintained building, we know of a salon where the rent is $5,000 a month. So just to break even, the owner has to clear $5,000 each month and that doesn't include other expenses.

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Donna in MO's avatar

AND in my city, as the older strip centers start to look ratty, the owners plead hardship to the city council and get them to pass CID's - a 1% sales tax on all purchases made in the center, where the money goes into a fund to fix up the property. And yet the city keeps incentivizing developments with EVEN MORE retail. It's hard to find places that don't have the added tax at this point. This is an issue state-wide.

A handful of our city council reps are starting to push back on this, but developers are BIG campaign contributors, and campaigns are expensive. Too few people donate - have friends running at all levels - local, state and even for congress, who are trying to not take PAC or special interest money but they are at a huge disadvantage to those who are flush with cash.

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G Harkness's avatar

This isn't completely unheard of in other areas. Fifty years ago my first husband and I bought a house situated on a private lake. Beautiful lake, tucked away in NE Texas. Anyway, we were admonished that we only had a 99-year lease on the land, though we could/would own the home. I don't know if that's still the case, but I can tell you it was fairly obvious that the purpose was to exclude "undesirable" buyers. I'll leave it to you to determine who was considered "undesirable" in NE Texas in the 1970's.

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Starsky's avatar

That’s the law in Hawaii also. All those buildings, condos, homes, high rises built since the 1950s are sitting on 99-year land leases.

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Robin Greer's avatar

Interesting.

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Mrs. Mantle's avatar

That is definitely medieval.

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RJ Rambler's avatar

You must be rural America

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Irunthis1's avatar

We have that here. They’re called trailer parks aka tornado magnets.

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Politico Phil's avatar

Rural people here will buy a cheap parcel of rural real estate and then put a mobile home on it. They are low income but they are still self-supporting.

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Victoria's avatar

There is downtown building in my tiny MO town with that problem. The owners cannot afford to renovate the building because their land lease is about to expire and the landowner won't sell. (Maybe a deal cut a century ago by a shyster NYer.)

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King Cavalier II's avatar

LOL! Uhhh... no... because the new buyer is priced in at $285m and is not receiving any income on which that appraisal/ purchase was based.

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shayne's avatar

Yep, my first thought was illegal housing

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Alan Devincentis's avatar

Bingo. And they just happen to be able to buy up prime real estate at Pennie’s on the dollar. Hmm. What a fortuitous coincidence.

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Robin Greer's avatar

I seem to remember someone who writes a witty blog predicting this outcome with real estate prices toppling and being gobbled up.

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Peter Schott's avatar

That's a lot easier said than done, unless they stop caring about things like "bathrooms" and such. Converting commercial buildings to residential takes a LOT of work, at least if you have to be up to code.

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RunningLogic's avatar

Code schmode! They’re Democrats, they don’t need to follow the rules! 😑

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Neil Kellen's avatar

I wonder if The Big Guy is getting his 10% of the criminal gang revenue. Or has it shifted, like campaign donations, to The Little Lady. Oh wait...now I know how TLL raised so much so quickly.

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Jpeach's avatar

One way or another a 15 minute city will emerge.

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Matt's avatar

What a country!

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Jay Horton's avatar

I was thinking the same thing when I saw that space. Locally, we have motels loaded with them. I wonder what will happen when football season opens? Hmmmmm?

Thanks YB. Good reads, Sir.

Later Jay

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Inverted Pyramid's avatar

Its like selling tires for a 1965 Rolls Royce at $50K and throwing in the car for free. Its a workaround but instead saying the Owner pulled a fast one they instead make it a hardship story. Look out for an increase in taxes...

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Flippin’ Jersey's avatar

Dang it, beat me to it.

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YYR's avatar

💯

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randall stoehr's avatar

The stock market too, may suffer from the fumes of such a slow burning liquidation.

Adding more stones to the rocky election.

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