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Discussions about the fashion industry thread

Epaulet

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the entire northeast has no real solution to high tax, a ton of liability, you can make tax even more progressive, but then your tax revenue would be volatile

I guess that NYC could maybe get a handle on its often insane public salaries...

From Forbes......
New York City (114,045) – Only in New York can school janitors out-earn the principals. We found 40 “custodial engineers” who earned between $154,000 and $256,000, while 57 principals made less than $154,000.

In 2019, the city spent its entire income tax collection (and more) on its six-figure salaried workforce ($14.5 billion). Costs included $1.8 billion on overtime – which allowed 36 plumbers to make between $200,000 and $285,000.
 

cb200

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I don't understand why property taxes are borne by commercial entities who rent or lease. Is it that they use extra services that the property owners don't?
 

clee1982

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I guess that NYC could maybe get a handle on its often insane public salaries...

From Forbes......
New York City (114,045) – Only in New York can school janitors out-earn the principals. We found 40 “custodial engineers” who earned between $154,000 and $256,000, while 57 principals made less than $154,000.

In 2019, the city spent its entire income tax collection (and more) on its six-figure salaried workforce ($14.5 billion). Costs included $1.8 billion on overtime – which allowed 36 plumbers to make between $200,000 and $285,000.

I'm sure you can always find cases like this, and can always crack down on abuse of over time, can even reset salary what not, but the bigger elephant in the room is always pension promise, I don't see how you can re-negotiate that easily
 

Epaulet

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I don't understand why property taxes are borne by commercial entities who rent or lease. Is it that they use extra services that the property owners don't?

Nope, it's just a way for landlords to pass on costs. Forcing your commercial tenants to pay a portion of the overall building's property tax is pretty normal for NYC leases.. particularly in Manhattan. In my case, I paid half of the increase based upon the lease origin year of 2010. There was a pizza restaurant that paid the other half.

But, seeing the bills that I incurred made me realize that landlords and high rents are only part of the problem. With property taxes going up so much each year, the rents are going to be high regardless.
 

clee1982

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I don't understand why property taxes are borne by commercial entities who rent or lease. Is it that they use extra services that the property owners don't?

what if landlord pay, I assume they will pass through pricing to you, though I suppose you can deduct
 

Epaulet

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I'm sure you can always find cases like this, and can always crack down on abuse of over time, can even reset salary what not, but the bigger elephant in the room is always pension promise, I don't see how you can re-negotiate that easily

It seems like this stuff is easily found and identified. There's just zero will to do anything about it. As long as these big cities were collecting massive tax amounts from high-earners and large, growing firms, I guess no one wanted to deal with these salary and benefit issues.

I'm all for public sector employees being fairly compensated. But there is just such a culture of scamming the system in any way possible. And COVID may have killed the golden goose, at least for the next year or two.
 

clee1982

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Completely understand the sentiment, and I think that should be dealt with too, guess my point is just even when those are delta with you still have a huge under fund pension promise (you can say US as a whole has same problem, just consider Social Security/Medicare/Medicaid), so some substantial reform has to be done even when those other problem are tackled. I do think they should be tackled from a "hi at least I know my tax dollar are not wasted perspective"
 

clee1982

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I don’t know those will still be pretty far down the list for now...
 

blacklight

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Sucks to hear about Unis. One thing I do wonder with all the NYC shutterings and the NYT story about Entireworld kind of brought to mind is if the cultural centre is moving more to the Westcoast now with tech and entertainment industry being there... Or is Covid, helping to liquify the idea of a cultural centre at all.

I am in the arts and with the sole exception of those who grew up here (read: can shack up with parents/relatives) every young striver I know in the creative industries has or is currently in the process of leaving NYC. No one sees the point anymore when so much of the legwork for young artists can be done via social media now.

Many of them are planning to try their luck in LA and smaller cities with more regional scenes (e.g. Philly, Houston, Nashville) if/when things return to normal. Anyone who still believes NYC's position is so untouchable that it will be able to bounce back immediately when all this is over is not paying enough attention.
 

mhip

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This.
When I moved to New York 20 years ago.
Rent was cheap in certain areas of the city. You had artist enclosed where artists could rent spaces and work to establish themselves. Now it’s almost impossible to do that on New York. The whole place is expensive to the point where Labdlords are diving up spaces and renting rooms.
You have 40+ year old adults who are living with 2 and 3 roommates because it’s impossible to comfortably afford a whole apartment by one’s self.

whrn they increase the minimum wage I said it was a bad idea, and people thought as a business owner I didn’t want to see people making more money.
Making more money was not the problem, the problem is that basic expenses are just too high and so people have less disposable income, less savings and are often straddled with debt such as student loans etc......
And don't forget the tithing...
 

Mghart

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I am in the arts and with the sole exception of those who grew up here (read: can shack up with parents/relatives) every young striver I know in the creative industries has or is currently in the process of leaving NYC. No one sees the point anymore when so much of the legwork for young artists can be done via social media now.

This is basically me. I originally moved from Southern California to nyc to pursue art. Granted, I finished my program awhile ago, but there’s almost zero incentive to remain in nyc when I do most everything online now. It simply isn’t worth staying here for all intents in purposes when I don’t really have to be paying as much as I do for rent for very little tangible space.
 

Epaulet

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This is basically me. I originally moved from Southern California to nyc to pursue art. Granted, I finished my program awhile ago, but there’s almost zero incentive to remain in nyc when I do most everything online now. It simply isn’t worth staying here for all intents in purposes when I don’t really have to be paying as much as I do for rent for very little tangible space.

Same, honestly. I moved to SoCal in 2016 primarily for a better lifestyle, but I find that it's a lot easier to work and live in general here.
 

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