Sorry, Mr. Mayor: New York City needs the rich to live and work here

By Steve Cuozzo

A home-buying spree by the uber-rich is “out of control” and “dangerous,” Mayor Bill de Blasio fumed last week over hedge fund mogul Ken Griffin’s $238 million purchase of an apartment at 220 Central Park South.

It was cheap talk by the mayor, who never misses a chance to pander to the “income inequality” crowd. But he isn’t stupid, and knows better than to mess too much with the real-estate free market — which props up the city treasury as nothing else does.

That’s why he’d surely block a “pied-a-terre” tax proposed in the City Council last week. One sponsor, Mark Levine, ripped Griffin’s purchase as “grotesque” and blasted “this kind of extreme wealth moving into our cities without it benefiting the people that live there.”

Read the full article here.

Sign up for our mailing list!

Report a Problem Participatory Budgeting Events