Foreign Luxury Buyers Fuel NYC Jobs and Tax Revenue
Non-residents who spend millions of dollars on NYC apartments help drive NYC’s economy. Most of the profit in condominium development is in the penthouses. The Ken Griffins of the world make NYC high end development viable, driving high-paying construction, brokerage, legal, marketing, and other jobs in NYC. We should be applauding Ken for spending $238 million in NYC, not attacking him for doing so. Importantly, non-resident owners of NYC apartments who leave their apartments vacant for much of the year are not a burden to NYC schools, services, or other resources while they drive growth in retail sales, restaurants, theater, and other important drivers of our economy. They also often support NYC non-profits with donations. Ken’s company is a major employer in NYC of very high paying jobs which drive a considerable amount of our tax base. We wouldn’t want him to move even more employees to Miami. These non-resident owners also already pay a lot of taxes including mansion taxes, real estate taxes, sales taxes and more. While @NYCMayor Mamdani likes the tag line ‘Tax the rich.’ Unfortunately, his policies will harm the constituencies he is supposedly trying to help. I can’t imagine the NYC construction unions are excited about his plan.
Pershing Square Launches Road Show for Combined IPO
Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: https://t.co/4ffeQZm9ZL. I wrote a letter to explain the combined offering in detail that can...
When Trusted Advisor Turns Risk: Seeking Guidance
I am reaching out to the @X community for advice with the likely risk of sharing TMI. I have been sufficiently upset about the whole matter that I have lost sleep thinking about it and I am hoping that this...
Europe’s Self‑destruction: Immigration, Anti‑business Policies, AI Lag
Europe is on a path to destroying itself. Unchecked immigration of millions of immigrants that burden their welfare states, bring violence and terrorism to their shores, and take over local governance, one city at a time. Anti-capitalist policies that...
Buy Quality Stocks Now: War Will Yield Peace Dividend
Some of the highest quality businesses in the world are trading at extremely cheap prices. Ignore the MSM. One of the most one-sided wars in history that will end well for the U.S. and the world. And we have the...
