Murphy concedes to Sweeney, budget passes

From the Star Ledger:

N.J. budget finally signed by Murphy after another really long day at the Statehouse

It took far longer than anyone imagined on Sunday, but New Jersey finally has a state budget.

The state Legislature put the finishing touches on a $37.4 billion state budget deal in the early evening — 24 hours after Gov. Phil Murphy and top lawmakers announced they had spared New Jersey a no-holds-barred political brawl and its second-straight state government shutdown.

Murphy then signed the spending blueprint several hours later, announcing it a few minutes before midnight Sunday.

Lawmakers had planned to vote at 8 a.m. Sunday on the budget agreement and related bills. But that was held up until the early evening as Murphy and his fellow Democrats who control the Legislature scrambled to nail down legislative language to close a corporate tax loophole.

Lawmakers would have preferred more time for the bill to come together, but state Senate President Stephen Sweeney said Murphy “insisted” they convene at 8 a.m. — fewer than 13 hours after striking a deal — to pass the budget bills.

“We came, we waited and we got it done,” Sweeney said early Sunday evening.

It won’t raise the sales tax, as Murphy had wanted, but will set hit really wealthy taxpayers with higher taxes on income above $5 million. That’s expected to raise about $280 million in new revenue.

It also includes higher corporate taxes and closes loopholes that are expected to generate more than $800 million.

While Democrats sped to get the bill passed in the Sunday evening, Republicans decried the budget as a blueprint to scare away businesses and jobs.

Assembly Minority Leader Jon Bramnick, R-Union, said that July 1, 2018, “should be declared Phil Murphy tax and spend day” in New jersey.

The budget bill passed Saturday will raise the state income tax deduction for property taxes to $15,000 creates a new child care and dependent tax credit and takes a small step toward tuition-free community college.

It will also pump an extra $402 million into public schools.

The budget does not include his plan to raise the sales tax from 6.625 percent to 7 percent, but will expand the tax to include such online rentals as Airbnb.

The state will also collect a 50-cent surcharge on rides through such ridesharing apps as Uber and Lyft and a 25-cent surcharge on shared rides.

The budget also anticipates collecting $200 million from a tax amnesty program that allows delinquent taxpayers to settle up at a discount.

Corporations with net income over $1 million will pay 11.5 percent this fiscal year and next, representing a 2.5 percent surtax. That will be cut to 1.5 percent in years three and four before phasing out entirely.

Sweeney fixed his sights on businesses after federal tax reform cut the corporate tax rate from 35 percent to 21 percent beginning this year.

Money fell from the sky, the Senate president said previously.

This entry was posted in New Jersey Real Estate, Politics. Bookmark the permalink.

82 Responses to Murphy concedes to Sweeney, budget passes

  1. grim says:

    Scoreboard

    Murphy – Increase tax on $1m households
    Sweeney – Increase tax on $5m households (counterproposal)
    Outcome: Sweeney Wins

    Murphy – Increase sales tax to 7%
    Sweeney – No sales tax increase
    Outcome: Sweeney Wins

    Murphy – No corporate business tax increase
    Sweeney – Temporary corporate tax increase (aka temporary gimmick)
    Outcome: Sweeney Wins

    Murphy – Against cutting school funding anywhere
    Sweeney – Revise the school funding formula (long-term position)
    Outcome: Sweeney Wins

  2. grim says:

    From the APP:

    Hold applause on budget deal: Editorial

    Gov. Phil Murphy and state Democratic leaders took turns congratulating themselves this weekend for reaching a compromise on a budget agreement that will keep the state parks and beaches open and allegedly restore responsible fiscal management in New Jersey after eight miserly years of Gov. Chris Christie.

    Don’t believe the spin.

    Here’s the reality: The $37.4 billion state budget is 7.8 percent higher than the one approved last year in a state that consistently ranks as the least business-friendly tax state in the nation, has the highest property taxes, one of the highest sales tax rates, one of the top income tax rates and one of the highest corporate taxes.

    To balance the new budget, Murphy and the Democratic-controlled Legislature will be raising the top income tax rate from 8.97 percent to 10.75 percent, making it second only to California. It will be raising the corporate tax rate from 9 percent to 11.5 percent, making it the highest in America. And if the Legislature didn’t slap Murphy’s hand when he sought to raise the sales tax back up to 7 percent, New Jersey would be tied for first in that category as well.

    The Democrats never disagreed on the need to reach more deeply into New Jersey taxpayers’ wallets. The issue was whose wallets did it most want to target this time around. While the agreement was portrayed as a way to get the state’s corporations and wealthiest citizens to pay more of their fair share, the truth is that no one is exempt. Don’t delude yourself into thinking the fact that the Democrats mostly went after the rich and the corporations that it will ease the burden on everyone else. In the long run – and likely much sooner – the taxes on the wealthy and corporations will trickle down to all of us.

    The budget “compromise” has been seen as a setback for Murphy. He wanted the sales tax to be increased from its current 6.625 percent to its previous high of 7 percent. The Legislature said no. And Murphy wanted the higher top rate on millionaires to kick in at $1 million. He settled for a threshold of $5 million. And despite initially opposing the Legislature’s corporate tax hike — mostly because the revenue it would bring into state coffers would only be temporary — he agreed to it on the condition it would be phased out after four years rather than two.

    Make no mistake, though: the deal wasn’t just a setback for Murphy. It was another major setback for taxpayers. While Murphy in the end got his $37.4 million budget, no one has satisfactorily answered how it will be balanced with Murphy’s concessions on the sales tax, which he estimated would bring in $581 mlllion and the millionaires tax, which chipped away another $476 million in revenue. Together that’s more than $1 billion more. The corporate tax rate hike, which is to be temporary — will only plug part of that hole, and only temporarily.

    But don’t worry. If there’s anything left to tax, Murphy and the Legislature will find it — if there’s anyone left in New Jersey to tax.

  3. The Original NJ ExPat says:

    New Jersey and you – Perfect Together.

  4. grim says:

    Looks like NJ online sales tax will go live October 1st.

    Bag Tax is on Murphy’s desk to sign.

    Jersey City payroll tax is on Murphy’s desk to sign.

  5. grim says:

    There is some discussion that the changes in school funding formula opening up the 2% cap property tax increase for districts losing state aid.

  6. AJ says:

    The bag tax can’t come fast enough.

    There is no reason why more people can’t be using re-usable bags. This will make people think twice at least.

    It drives me nuts when they put a gallon of milk with a perfectly good handle into a plastic bag.

  7. grim says:

    On the plus side – NJ property tax deduction increased to $15,000 from $10,000.

    Towns with increases to school funding should see a bit of reprieve on property taxes.

    Wayne wins big across both of these – 13.8% increase in school funding, among the top % increases statewide. Broader Passaic County wins big as well, with Paterson, Passaic, and Clifton seeing big dollar increases to funding.

  8. Very Stable Genius says:

    @EdKrassen

    I’m calling it now. During the midterms when President Trump realizes that Democrats are about to take the house, he will declare that Russia is “hacking our elections” and demand that something be done, or the election be delayed.

  9. Ex-Essex says:

    Giant technology companies in the US, which include some of the world’s most profitable firms, have been pledged at least $9.3bn in state and local subsidies over the last five years – much of it coming from the coffers of cities and states with failing infrastructure, struggling schools and broken budgets.

    The analysis by watchdog group Good Jobs First shows that the size of individual handouts appears to be growing. The latest – and largest – award of $4.8bn went to Foxconn, the Taiwanese manufacturer of the iPhone, PlayStation and other electronic goods, for its enormous new plant in Wisconsin.

  10. grim says:

    The hourly wage for manufacturing jobs in China is $3.60usd, not to mention the fairly lax regulatory environment.

    Do we want these jobs in America? Or don’t we?

    Without huge tax breaks, it’s impossible to rationalize the increased cost of operating in the US.

    Or, do we tax the hell out of Chinese imports?

  11. The Original NJ ExPat says:

    More echo chamber talk. Remind me why anyone is voting for a Democrat again? The sky-high unemployment rate? The new wars that were recently started? How nobody wants to come to the United States anymore? A platform of hate, resistance, and shouting down free speech doesn’t seem to be checking any boxes. Similarly, the far left seems to have forgotten, “From each according to their abilities…” Well there you have it, you can’t even start anything s0cial!st without admitting that people have different abilities and levels of performance and productivity. But if that’s true, we can’t all be “equal”, so they are buried by their own conundrum right from the get-go.

    Like I’ve said before, the Republicans are going to gain seats and the Democrats will set more fires and break more glass in the very cities that are already voting the “correct” way.

    I’m calling it now. During the midterms when President Trump realizes that Democrats are about to take the house, he will declare that Russia is “hacking our elections” and demand that something be done, or the election be delayed.

  12. The Original NJ ExPat says:

    I say yes. We all have too much Chinese sh!t in our lives because it is just too cheap. This first bothered me about a dozen years ago when I looked at a steel “Radio Flyer” tricycle at Walmart. It was $10. Some stuff I can’t even figure out. I think the price has gone up now, but I used to buy a 1 pound bag of dried apricots from Turkey for $2 at Trader Joe’s. How the hell do you pick, pit, dry, and package several dozen apricots and ship it from Turkey to the US for $2?

    Or, do we tax the hell out of Chinese imports?

  13. The Original NJ ExPat says:

    I used to know a Chinese guy back in the 1990’s who had his own Mom and Pop Computer store, as many Asians did back then. I couldn’t figure out how you could make a 25 pin parallel printer cable in China and have it end up in the US for $1 either. The reason those Chinese guys were so successful for quite a while was because each of them had different connections for computer parts and they would all wh0lesale to each other. One guy had a line on memory, another guy could get video cards, another guy got cases, another guy had hard drives or peripherals.

  14. 3b says:

    I think the left is going to be very disappointed with the mid term election results.

  15. grim says:

    Electronics manufacturing in China is getting to be very complex with consolidation among specific component providers. My brother is very very close to this space, and it’s becoming incredibly prohibitive with lead times on components hitting absurd levels (1 year wait times for capacitors). The parts manufacturers are anti-JIT, doing parts runs once a year in huge volumes, requiring huge purchases. Parts brokers are cornering the market buy purchasing any and all available inventory and marking it up to staggering levels. Small electronics manufacturers are struggling to cope with the absurd lead times and planning involved. JIT is dead.

  16. Fast Eddie says:

    And don’t forget the SCOTUS will be right leaning and even more so if the old bag taps out. As it goes the lower level courts are quietly being appointed correctly, too. All the left has left is a media megaphone to vent their frustrations over their lot in life. How often do tantrums work when you have a petulant children?

  17. 3b says:

    An article in the Times this morning. Denmark will now require children of immigrants to be taught Danish values for up to 25 hours a week. If parents refuse they lose their welfare benefits.

  18. D-FENS says:

    This struck me as particularly vicious. Sweeney’s daughter has down syndrome so he pays special attention to programs that benefit the disabled. Murphy threatened to pull funding…

    https://www.nj.com/politics/index.ssf/2018/07/can_phil_murphy_top_democrat_get_along_after_dramatic_nj_budget_battle.html

    On Saturday, Sweeney continued to punch at Murphy. He said the governor is “vicious when he doesn’t get his way,” highlighting how Murphy cut funding for programs that provide jobs for people with developmental disabilities. The programs are dear to Sweeney, whose daughter has Down Syndrome.

    “I start getting emotional with it,” he told NJ Advance Media on Saturday morning. “How do you hurt people like that?”

  19. grim says:

    $15 minimum wage in NJ looks to be a long shot with the steep corporate tax rate hike.

  20. joyce says:

    Yes, tariff the hell out of them. Also, subsidies for individual companies should be unlawful due to the equal protection clause.

    grim says:
    July 2, 2018 at 8:44 am
    The hourly wage for manufacturing jobs in China is $3.60usd, not to mention the fairly lax regulatory environment.

    Do we want these jobs in America? Or don’t we?

    Without huge tax breaks, it’s impossible to rationalize the increased cost of operating in the US.

    Or, do we tax the hell out of Chinese imports?

  21. NJGator says:

    Fast Eddie – It’s gonna be Weekend at Ruthie’s.

  22. 3b says:

    Fast yes I read it. I think it’s fine.

  23. grim says:

    I think we should heavily tariff countries that restrict foreign investment. This includes tariffs on both products and services.

  24. grim says:

    Fast Eddie – It’s gonna be Weekend at Ruthie’s.

    I said it the other day, she will have access to the best healthcare on the planet.

  25. Fast Eddie says:

    I said it the other day, she will have access to the best healthcare on the planet.

    They’ll embalm the corpse, place it under glass and claim she still has a say in the debate. Anything is possible in the Kaleidoscope mind of a liberal.

  26. leftwing says:

    “Giant technology companies…have been pledged at least $9.3bn in state and local subsidies…much of it coming from the coffers of cities and states with failing infrastructure, struggling schools and broken budgets.”

    Only in the twisted liberal mind can actually NOT taking the fruits of others’ efforts equal a “subsidy” from government “coffers”.

    Am I “subsidized” by the State of New Jersey because they choose to take 9% of my income rather than 20%?

    In the liberal mind, I have received an 11% “subsidy”.

  27. Ex-Essex says:

    I love how you think you have insights into anyone’s mind when it is eminently clear you have lost your own. You have no original thoughts, you have almost no insights or understanding and you seem gleeful at the prospect of the USA taking it’s place in the third world.

  28. Ex-Essex says:

    Left wing you eat paint chips for breakfast as a kid…?

  29. NJGator says:

    Would you rather spend $8,800,000 and ($172,867 annually in taxes) for a mega mansion that sits in both Montclair and Cedar Grove OR spend $23,000,000 (yes, $23 million) and $48,647 in taxes annually for a mega mansion in Cedar Grove?

    It sounds like a weird math problem, but it’s actually the story of two properties on the same street currently on the market.

    https://baristanet.com/2018/07/its-real-estate-deja-vu-on-32-club-way-cedar-grove-montclair/

  30. Ex-Essex says:

    You might remember this house when it was on the market for $16 million back in 2010. Now it’s listed at $8,800,000.

    I wonder if it’s been reassessed?

  31. leftwing says:

    OK, so I have some RE anecdotes from a couple weekends ago. Real people. Individual data points all from a blue ribbon convenient train town. Recognizing that limitation these situations are still illustrative of a couple points recently discussed including the concept of a ‘top down’ driven market deceleration…

    Bottom line…It feels to me smart money is cashing out, certainly from the high end notwithstanding any loss. Also, the trade for ‘sweet spot’ houses is getting very crowded. It’s usually not a good sign near to medium term when everyone starts moving to one side of the boat…

    One family has one of a handful of trophy homes in town. By any measure. Tested the market in the medium 2s in LTM. Not unreasonable, pre-crash the $2.2m – 2.6m market was vibrant and this home knocks the socks off any of those homes. No interest, came back to market recently a hair over $2.0m. Total SMH moment there. I know the situation and with the renovations and period addition to that house they are cash underwater at the ask from a 2000 purchase. Maybe more interesting, that home at slightly over $2.0m has so much more than homes offered at $1.6m. Much more than $400k of ‘actual value’. Owner is an accomplished finance guy. Take away for me is that one of the smarter financial guys around is closing a situation at a loss with inconvenience rather than hold it any longer.

    Second situation is a long time realtor in town. Cashed out of their ‘sweet spot’ home in the 1.0-1.3 range. Staying in town but going to a no equity risk situation. Logic was ‘the market is just too hot at this level to not take it’. Third situation is similar to the first, high end finance guy doing a two step from a medium 2m to the ‘sweet spot’ range. Again, no pressing need to, and not a traditional downsizing (new home has same number of BR) just a financial downsizing.

    Notably, although each of these families had a catalyst to evaluate their housing situation none of them needed to sell. Among many alternatives on the table one was the sale of the primary residence. They freely chose that option over others.

    Nuance to me is the very narrow pricing spread between high end homes ($2.0m plus) and homes priced even as high as $1.6m (the top of the range of what is actually selling now) given the huge qualitative difference between those homes.

    At 2.0/1.6m there is a $400k spread in ask while the qualitative difference – land, GLA, construction quality, location – should indicate at least twice that amount.

    Inefficiencies like that don’t persist. Either the high end is mispriced low and it gains value. Or the ‘sweet spot’ as everyone piles in is overvalued and should reprice. I vote the latter.

    While I’m not willing to predict an actual downturn at the very least this overcrowded sweet spot trade is going to be dead money for a while. Or, stated differently, you get stasis/decline in a town’s pricing sweet spot after everyone piles in as the high end price decline and stagnation put a damper on any further price appreciation at the next level down.

    FWIW.

  32. leftwing says:

    “Left wing you eat paint chips for breakfast as a kid…?”

    No, cheerios and books. Which gave me the intellectual rigor missing from the Left.

    The only way one can logically support the argument that these ‘breaks’ represent government ‘subsidies’ is to start from the premise that the government has a legitimate claim to any portion of your earnings it desires.

    Liberals are either too dishonest or dense to acknowledge. I am admittedly not smart enough yet to discern willful ignorance and malice.

  33. D-FENS says:

    David Hogg lecturing in front of the NEA advocating gun control.

    It’s exactly this kind of thing that upsets people and results in the Janus SCOTUS case. Until recently members had money extracted by their paychecks by law even if they didn’t agree with this.

    @MarieBlistan
    .@NJEA #MarchForOurLives ourLives student David Hogg addresses the largest labor union in the US-NEA!

  34. NJDepartment says:

    Nice analysis leftwing.. I do see some slowdown and increased ‘days on market’ on a town I’m watching. It could be just the spring market ending or market cooling off for real… not sure..

    “While I’m not willing to predict an actual downturn at the very least this overcrowded sweet spot trade is going to be dead money for a while. Or, stated differently, you get stasis/decline in a town’s pricing sweet spot after everyone piles in as the high end price decline and stagnation put a damper on any further price appreciation at the next level down.

    FWIW.””

  35. NJGator says:

    @ Ex-Essex – The vast majority of the taxes are paid to Montclair. And Montclair revalued all property for this tax year. It was “only” assessed at $4.5M prior to the reval and the new assessment is down to $4.0M.

    The average assessment increased by about 22% during the revaluation, so theoretically the tax rate should adjust from 3.734 to around 3.06. This is a ballpark estimate and does not include the tax hike for the 2018 tax year. The next impact of the revaluation should lower the Montclair tax bill from 168063.61 to around 123160.79 before the 2018 tax increase.

    http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?district=0713&l02=071300501____00021_________M

    http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?district=0704&l02=070400030____00156_________M

  36. D-FENS says:

    @ColumbiaBugle
    The Frontrunner in Mexico’s Presidential election is for giving amnesty to Opium and Marijuana growers, and will cease using the military against the cartels.

    He also believes migrants have a “human right” to travel to the United States…

    https://twitter.com/ColumbiaBugle/status/1012842855331553280

  37. Ex-Essex says:

    I think you are kidding yourself with that specious argument.

  38. 1987 Condo says:

    NJGator, I doubt the CG house is going to sell for anywhere near that $24 million figure.
    It is assessed at $1.9 million, and the CG tax rate is around 2.4 assessed so the $48,000 tax is in line with a $2 million dollar value, not $24 million. Zillow estimate says $5 million plus.

    As an example my “Zillow” $550,000 house is taxed, just received update, $9,800, and I am assessed at $405,000 (2008)..so around .02-.024 percent rate

  39. nwnj says:

    Lol. Phony Bronx welfare queen was outed over the weekend. She grew up in suburbia living the good life. Turns out her career flopped and she decided to follow blamas strategy. And even some very liberal pro immigration folks I know are very frustrated by the open order policy. The Democrat party is a train wreck.

  40. Chicago says:

    Bottom line. The biggest impact on RE prices is the removal of Monopoly Money.

  41. nwnj says:

    The wall will be built. People have had it. This fool will turn Mexico into the next
    Venezuela.

  42. 1987 Condo says:

    So in Aruba on vacay last week and my first question to Concierge is how are they managing “refugees” from Venezuela….(see a map!!)…oh yeah, they don’t let them in.

  43. nwnj says:

    lets call a spade a spade. Mexico should have been part of trump’s pos country tirade. All the resources in the world and complete poverty. It’s the people folks. Border wall now.

  44. Mike S says:

    I can’t believe there is a 23 million dollar house in CG.
    That being said. CG has the best tax rate around in essex co.

    Secondly – does anyone have a link to see how much each town will be affected by the new school funding formula?

  45. 1987 Condo says:

    I think the calculator at the bottom of this link is still accurate?

    https://www.nj.com/education/2017/06/nj_school_funding_formula_deal_budget_christie_swe.html

    See earlier note, that house is assessed for under $2 million in CG

  46. leftwing says:

    51 East Main?

    You familiar with that one?

  47. Yome says:

    Green card holders applying for US Citizen is 85% higher since 2015. Green card do not guarantee permanent stay in the US anymore. https://www.nbcnews.com/news/latino/citizenship-application-backlog-skyrocketed-under-trump-report-finds-n888146

  48. Yome says:

    Actually the article is about allegation of legal immigrants being prevented in voting next election since it takes more than 20 months to get the interview

  49. 30 year realtor says:

    This is directed to Leftwing and Ex Pat. Pat, there was the question of push down from the top. Leftwing described a situation where the subject house was priced substantially lower than other homes, was more expensively finished, etc and yet still had not sold. These huge homes are over improvements. Sellers will not recover the cost of square footage, moldings, finished basements, hardscape, pools, etc, etc, etc…Leftwing also said he has seen examples of people downsizing within the same community. No one knows the real value of these homes. The is insufficient data. These homes are often very customized. The data is far from ideal even when some data exists.

    There will be some push down from above. Many equations similar to what Gator posted will occur. Cost of ownership will have a strong impact on pricing. This is not the market I grew up on in the 1980’s and 90’s. The equation of what equals value in North Jersey is evolving.

  50. grim says:

    NJ.com does a puff piece every few weeks about a home remodel that’s usually absurdly overpriced, where the homeowners clearly got ripped off. Famous designer, ultra high end fixtures and furniture.

    There was one with an $80,000 master bedroom and bath remodel. Still another one with a $100,000 wine cellar.

    Never, ever, ever will the seller see any return at all on these.

  51. grim says:

    And I’ll say it 100 times if I need to. A pool is a liability to resale value. So your $75,000 paver and pool caesars palace monstrosity in the backyard, not only won’t you ever get a penny of that $75,000 back, it’s going to result in a lower resale value than if you never had the pool at all.

  52. Ex-Essex says:

    When we moved we had put about $100k into a $250k home. Best investment was the superb eat-in kitchen. Really nicely done. The roof, windows, electrical…and various other improvements all kind of wound up being “fine” and contributing to
    The sale, but the kitchen was the clincher..

  53. JCer says:

    grim my sister has the pool with pavers and a waterfall, brick patio with summer kitchen. Came with the house the people spent 200k in the back yard and 2 years later had a messy divorce. They recovered almost nothing from it, it looks like maybe my sister paid 20k more than the last comp of a similar home. My sister and brother in-law don’t get it because they are big on the over improving, they have replaced all the doors and hardware in the house, all of the flooring(not just carpets but also the hard woods were replaced with wide plank dark hard woods). They spent 150k on the kitchen and 2 baths 4 years ago and now are spending 100k on a finished basement with a spa bath(no one understands why?), a bar and all kinds of built in cabinetry, oh and changing the support structure that holds up the house. That kind of over improvement you’ll never get your money back on, but people in NJ love doing these high-end renovations.

    My house has all kinds of stupid things that no buyer even realizes, like ridiculously expensive bisazza glass tile, $1000 sconces, etc meanwhile I still have plumbing(supply not DWV, which actually seems to hold up very well and isn’t the ticking time bomb the supply plumbing is) from 1926 in my house in bathrooms that were renovated.

    People are nuts, renovate your home add the features people want but spend and finish in line with what your home’s actual market is. Yes if your home is a 5 million dollar home spend the money, use the most expensive fixture but otherwise just make it nice enough. Also contractors make have a lot of fat in their pricing, so people also need to ride their contractors more.

  54. leftwing says:

    Good feedback. Wish I was comfortable posting what I’m talking about.

    This is not a case of McMansion, or Deal-like pools, or over the top polished brass. Solid top end home priced to sell exposing the market cracks. There are 20 other homes listed over $2m that are screwed when this sets a new mark.

    For me, it’s not just that bidders at this level are on strike necessitating such pricing to move the house. Or that the gap between a quality house like this one and something just $400k or so cheaper is massively wide qualitatively (the push down from above).

    My main takeaway is that smart money sellers are proactively taking money off the table, even if it means getting dinged a bit. That is more relevant point.

  55. Ex-Essex says:

    The bigger the home in NJ the bigger the penalty . That simple.

  56. Hold my beer says:

    I thought the bigger the jersey home the smaller the Johnson

  57. The Great Pumpkin says:

    Essex,

    Exactly! Apply that with anything in life. Anything that is truly “luxury” usually has a monetary penalty attached and this is why only wealthy can truly afford this stuff.

    If you are buying a 2 million dollar house, you have f u money. Simple as that. Not many people can afford that if they were gifted it for free. If you are worrying about getting top dollar or more than you payed, you shouldn’t be buying a 2 million dollar home. A person buying a two million home should not be sweating a 400,000 loss in home value…that should be nothing to them. Meaning, they should not be trying to time the market or playing casino games in that part of the housing market.

    So a wealthy person buys a boat. Since they have f u money, they buy a yacht. What does this represent? The ability to piss money away. You couldn’t even give me a yacht for free, it would bankrupt me, and I have more money than most. Yacht is extreme, but making a point. You don’t buy a yacht to make money, you buy it to enjoy life knowing you can piss that kind of money away every year on maintenance costs and it not even phase you.

    So when you start going into that part of the housing market, these people don’t care about the property taxes, or appreciation, they simply want what they want. They have made a ton of money and now want to spend it. You have to be insane to buy a 4 million dollar house and hope to make money on it…..it bleeds money and if you don’t have money to bleed, you have no business owning it.

  58. The Great Pumpkin says:

    Grim,

    Comment in mod at 10:29. Thanks.

  59. Ex-Essex says:

    That’s a terrible “rationalization “ for what is simply unsustainable.

    You can take an inordinate portion of people’s livelihood.

  60. Clotpoll says:

    friskies eaters, all you sheeple. bwahahahaha!

    essex want a milkbone?

    smoke em if you got em, bitchez. it’s about to go from gray to black.

  61. Clotpoll says:

    pools are great for when you want to medicate your sorrow in drugs and alcohol then slip away without anyone noticing until the pool boy calls the town rescue to drag your fat bloated ass off the bottom

  62. Clotpoll says:

    i can hook a man up with all the liar loans he has the cojones to take on.

    call me.

    xoxo, gossip girl

  63. Clotpoll says:

    want a good real estate tip?

    safe injection houses. ithaca, ny.

    cornell. ivy league. top shelf. it’s all for the kids.

  64. Clotpoll says:

    i called my shot on blake lively.

    saw her talent when she was 16.

    now, she’s murica’s next rictus-faced martha stewart.

    respeck my authority.

    i am clotpoll.

  65. Clotpoll says:

    there are prolly 100 teen hookers in bangkok who call themselves blake lively.

    each of them is likely a better investment than nj real estate.

  66. The Great Pumpkin says:

    Prices are skyrocketing for Montauk mansions – New York Post
    https://apple.news/AsloMXuQnRa6xgMcVi_Z9xA

  67. Clotpoll says:

    does that jerkoff who lives on dead man’s corner on a double yellow-line highway still post here?

    cuz if he does, i want to remind him that he’s a dick.

  68. Clotpoll says:

    oh yeah i remember this great pumpkin douche.

    suck my dick, you feeble cuck.

  69. Clotpoll says:

    gotta go now. meds are kicking in.

    xoxo, gossip girl.

    i am clotpoll. respeck my authority.

  70. The Great Pumpkin says:

    Clot,

    F’ck off! Go find some really good smack and kill your self.

  71. Clotpoll says:

    oh noooo, it’s the great pumpkin.

    said no one ever.

    can i come over on sunday and listen to the traffic noise?

  72. Clotpoll says:

    hey pumpty, are you confirmed sterile yet?

  73. Clotpoll says:

    pumpty, the old time 60s newark horse is all good.

    you’ve been misinformed.

  74. Clotpoll says:

    your address is still dead man’s corner, right, pumpty?

  75. Clotpoll says:

    pumpty, you must be like james spader in “crash”, just waiting to go out front and rub one out in some poor victim’s open wounds.

  76. Clotpoll says:

    world gone mad when i’d rather take martha stewart chocolate starfish than blake lively.

    but that’s where things stand.

  77. Clotpoll says:

    rather do helen mirren than martha, come to think of it.

  78. Ex-Essex says:

    Rigor Mortis sex

  79. Leftwing says:

    Lol, fcuking clot is back. Yes!

    What, the snow cover just finally melt up there bringing everyone out?

Comments are closed.