Soak the Rich? Yesterday, the Associated Press reported that millionaires are fleeing their luxury homes in New York to establish residency in less-taxing states. As a result, New York is receiving far less revenue than was expected from the wealthy since these wealth taxes were enacted last April. Call it the law of unintended consequences. To be fair, many of these losses come from scaled-back salaries and layoffs on…
by Roberta Murphy A pair of $53.5 million New York Plaza penthouses were sold to Russian hedge-fund manager Andrei Vavilov–which would have made it the second-highest residential sale in New York City history. Andrei Vavilov, though, is one very upset buyer. He and his wife, Russian actress Maryana Tsaregradskaya, are outraged with low 9 foot ceilings, an unexpected and massive column in the living room, and an exterior drainage grate…
by Roberta Murphy Who are these young and ultra-affluent buyers of homes in Rancho Santa Fe, Palm Beach, La Jolla, Aspen and Manhattan? Robert Frank, in his best-seller Richistan, calls them instapreneurs (didn’t he coin the term?). These are the new titans in technologies, who have benefited from a rise in financial speculation and governments that support free trade and wealth. Instapreneurs are not plodders when it comes to accumulating…
