Anonymous cheese_of_the_world_unite 3w

If anything, the new tax incentivizes the rich staying in New York City and having that penthouse as their primary residence. Because the options are: Stay in the penthouse full-time, sell the penthouse before moving, or eat that tax if you really just wanna sit on that asset and not use it.

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Anonymous cheese_of_the_world_unite 3w

Ya this is in slight reference to that but people have been acting like rich people are fleeing liberal cities for the past decade

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Anonymous #1 3w

You’re nowhere near the “rich” that people talk about

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Anonymous OP 3w

Yeah millionaire don't mean much these days

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Anonymous OP 3w

Still, I'm not hurting for dough

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Anonymous #1 3w

Millionaire is still wealthy fs. But we’re talking about people 1,000 times richer than just mere millionaires

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Anonymous #1 3w

Pretty much anyone who bought a house decades ago and paid it off already can clear the millionaire line these days. Because houses are just worth THAT much these days.

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Anonymous cheese_of_the_world_unite 3w

Plenty of people who weren’t millionaires 10-20 years ago are now, simply because their house and the land its on have appreciated in value. I know a bunch of Gen X millionaires who are millionaires by virtue of having bought and paid off a $900k house when it was still $250k

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Anonymous cheese_of_the_world_unite 3w

That also means that despite being millionaires by a strict interpretation of their net worth, their material conditions haven’t really changed that much, other than owing more property taxes these days. Becoming a millionaire didn’t put them any further in the lap of luxury than they already were. They live in the same house, make a similar income, etc. They just have that one big asset because it’s appreciated by like 300% since they bought it.

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Anonymous cheese_of_the_world_unite 3w

If you bought a $250k house in 2006, with the average interest rate of the time, that amounts to $17.7k annually in payments. In other words, 20% of your income if you made $80,000 a year Paid off in 2021, get the house re-appraised after that, and suddenly you’re a middle class millionaire.

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