New York Sun Finds Fault With Ferrer

The New York Sun comes to the same exact conclusion I make over Ferrer's loony tax scheme on real estate to spur development of affordable housing. Have their writers been checking out my blog? Only time will tell.

In fact, here's the relevant passage from the NY Sun:

Mr. Ferrer almost seems determined to drive New Yorkers to suburban tax havens like Greenwich, Conn., and the lower-tax cities of the South and West. If enough workers and jobs leave New York City, Mr. Ferrer may just accomplish his "affordable housing" goal after all, because the landlords and sellers will be cutting prices to attract the few people left who will want to live here. Here's hoping it doesn't come to that.

Here's my comment from my aforementioned blog post:

His plan might actually work; if you raises the taxes enough, people will move out and property values will fall because the costs to live in the City will become unbearable. It might even reach a point where the housing market might collapse, enhancing his ability to build 'affordable' housing.