January 22, 2020

Manhattan: a city of empty luxury condos and overflowing homeless shelters

1 comment:

Anonymous said...

States and cities need to adopt laws for absentee landlord and vacant property taxes, which would place high taxes on persistently vacant high end properties. This would enable municipalities to either demand these absentee land lords rent their properties affordably, or allow the city to affordably buy or confiscate these properties and rent them out to people of modest means. Using the empty properties as Air B+Bs would not count as occupied.

A great deal of these high end condos and rentals are owned as part of money laundering schemes. Money laundering through high end apartments and condos funds the whole sort of overpriced development. This type of law could help reduce that crime.