{"id":49394,"date":"2020-08-19T03:08:00","date_gmt":"2020-08-19T00:08:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sorry-mayor-de-blasio-nyc-desperately-needs-its-billionaires\/"},"modified":"2020-08-19T03:08:00","modified_gmt":"2020-08-19T00:08:00","slug":"sorry-mayor-de-blasio-nyc-desperately-needs-its-billionaires","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sorry-mayor-de-blasio-nyc-desperately-needs-its-billionaires\/","title":{"rendered":"#Sorry, Mayor de Blasio: NYC desperately needs its billionaires"},"content":{"rendered":"

“#Sorry, Mayor de Blasio: NYC desperately needs its billionaires<\/strong>”<\/p>\n

\n Who wants to be a New York City billionaire? Contrary to what the mayor thinks, Gotham needs its superrich.<\/p>\n

Last week, The New York Times asked: Which political leader, in this crisis, is going to champion New York as a place where businesses and wealthy people want to be? Kathy Wylde, head of the Partnership for New York City, a coalition of business interests, said we need \u201ca plan.\u201d<\/p>\n

To City Hall, the request smacked of outrageous entitlement. \u201cKick rocks, billionaires,\u201d said the mayor\u2019s spokesperson. The mayor himself was more circumspect. \u201cI am not going to beg anybody to live in the greatest city in the world,\u201d he said.<\/p>\n

It\u2019s one thing to opine that the rich must pay their \u201cfair share,\u201d as de Blasio ineffectually nattered on about for years. It\u2019s another thing to say that New York doesn\u2019t need \u2014 or want \u2014 them.<\/p>\n

OK, so what does New York without billionaires \u2014 and their envious relations, millionaires \u2014 look like?<\/p>\n

First, taxes. In 2017 (the last year for which full data is available), 65,053 New York households \u2014 about 1.7 percent of tax filers \u2014 made above half a million dollars, according to the city\u2019s Independent Budget Office. They paid a whopping $6.1 billion in income taxes to the city, or 53 percent of local income taxes.<\/p>\n

If this share of personal-income taxes has held up, they likely paid $6.7 billion in income taxes for the fiscal year that just ended \u2014 or more than 10 percent of the city\u2019s total tax collections.<\/p>\n

The richest of the rich? In 2017, 1,818 families earned above $10 million each \u2014 and paid $2.8 billion in local income taxes, or nearly a quarter of total income taxes.<\/p>\n

It\u2019s fine if New York City doesn\u2019t want that cash \u2014 but city leaders will have to explain to middle-class people why trash isn\u2019t being picked up as often, explain to poorer residents why it can\u2019t keep crime down and explain to uniformed public-sector workers that they can no longer retire in their 50s.<\/p>\n

But taxes are only one aspect. Wealthier people get to choose where they live, more so than many people can. They want to live here, for the same reasons many normal people do: restaurants, shopping, Broadway, the opera, museums, baseball game<\/a>s.<\/p>\n

They just also happ<\/a>en to fund those things more than the rest of us. An opera-goer\u2019s ticket doesn\u2019t cover the cost of the show, just as a museum admission price doesn\u2019t cover the cost of displaying its paintings.<\/p>\n

Arts organizations depend on the people whose names are on the walls. Donors, in turn, don\u2019t act entirely out of selflessness: They give to a cause whose product they and their peers enjoy.<\/p>\n

You may never go to the opera, or Saks, or the museum \u2014 but wealthier people cross-subsidize these attractions with big donations or spending, attracting tourists and upper-middle-class residents to the city, further firming up the tax base.<\/p>\n

Finally, there\u2019s livability. The wealthy New Yorker perusing The Post from his Hamptons or Florida \u201csecond home\u201d may read the article about a robbery spree on the Upper East Side \u2014 and decide it\u2019s yet another reason not to return right now.<\/p>\n

New York needs wealthier people to stay and care \u2014 partly because people in poorer neighborhoods, focused on survivability, have less time and resources to organize themselves in favor of better policing.<\/p>\n

Nearly two decades ago, then-Mayor Michael Bloomberg clumsily called New York a \u201cluxury city.\u201d But he had a point: Wealthier people would pay higher taxes here because they got a good quality of life.<\/p>\n

Now what\u2019s the calculation? Come back to New York \u2014 and worry about getting sick from a second wave of COVID-19 (keep in mind you\u2019re probably old), worry about being mugged on the street, be unable to attend a classical-music show at least until next year and have protesters target you at home with deafening middle-of-the night protests?<\/p>\n

The rejoinder from the social<\/a>ists is: People shouldn\u2019t be so rich. On a practical level, wealth distribution cannot be achieved on locally, when financial assets are mobile \u2014 and especially when that locality is falling apart.<\/p>\n

The rejoinder from the urbanists is de Blasio\u2019s line: Disloyal people should be shamed for being disloyal. But nobody has signed a blood oath to a New York City that doesn\u2019t want them. That leaves poorer New Yorkers who can\u2019t leave \u2014 with fewer education and job opportunities, and a greater risk of being felled by a stray bullet.<\/p>\n

Nicole Gelinas is a contributing editor to the Manhattan Institute\u2019s City Journal.<\/em>\n <\/div>\n

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If you want to read more Opinion News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

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“#Sorry, Mayor de Blasio: NYC desperately needs its billionaires” Who wants to be a New York City billionaire? Contrary to what the mayor thinks, Gotham needs its superrich. Last week, The New York Times asked: Which political leader, in this crisis, is going to champion New York as a place where businesses and wealthy people…<\/p>\n","protected":false},"author":1,"featured_media":49395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[55367,38816],"class_list":["post-49394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-mayor-de-blasio-nyc-desperately-needs-its-billionaires","tag-sorry"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/49394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=49394"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/49394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/49395"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=49394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=49394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=49394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}