#new
Zohran Mamdani was angered after Blackstone sold off 1,000 NYC apartments and shifted billions of dollars into properties in Texas, Florida, and other Republican states.
#newyork
This happened after Mamdani launched the most aggressive taxing proposals, taxing the ‘rich’, corporations, second homes, and inheritance etc.
#newyorkcity
Blackstone bought the portfolio around 2015 for about $690 million.
It then sold a 51% stake for $142.5 million, a massive drop in value tied to renovation costs that ran over budget, and rent regulations that blocked sufficient rent increases to cover expenses.
Blackstone redirected capital into large deals in Georgia, Florida, North Carolina, and Tennessee, plus other multibillion-dollar moves into lower-tax markets.
Mamdani, appointed six new members to the Rent Guidelines Board in February – which is blocking rent increases – a move critics say will hurt property owners and speeds up value declines.
Rent-regulated buildings in New York City, have lost between 20% and 65% of their value since 2019 according to analysis from Maverick
Republicans and analysts say this is direct market feedback on policy, adding that heavy rent regulation plus high taxes drives out business which will hurt housing stock.
Details:
🔷️Blackstone still owns one of the city’s largest complexes, Stuyvesant Town with over 11,000 apartments, which faces the same rent restrictions and value pressure.
🔷️The head of Blackstone met with Mayor Mamdani at City Hall to talk about plans, yet the firm and other big investors keep moving money to states with lower taxes and fewer restrictions.
🔷️Texas and Florida have no state income tax and growing economies, so money, jobs, and people head there instead of staying in high-cost, high-rule New York City.
🔷️Less investment in New York City apartments means fewer new units built, slower repairs on old ones, and less tax revenue for the city over time.
Critics say that this is the way to stop socialism – keep red states red, to give investors & businesses somewhere to move their money.
This will remove the ever increasing tax revenue from the very socialist leaders (Mamdani) who will take it from them and redistribute it.
In the meantime, their socialist cities and states will fail, people will wake up and socialism will be rejected.
Fast Facts:
🔺️High-tax states lost large numbers of income tax filers and billions in adjusted gross income (AGI).
🔺️California lost about 100,000 filers and about $11.9 billion in AGI in one recent period.
🔺️New York lost about 72,000 filers and $9.9 billion.
🔺️Low- or no-income-tax states like Florida and Texas gained correspondingly.
#cali
🔺️Cumulative effects over a decade are substantial:
🔺️California net domestic out-migration of nearly 2.3 million people, New York nearly 1.9 million.
🔺️Texas and Florida each gained over 1.2 million.
#ChristinaAguayoNews
