Faster foreclosures come to NJ

From the Star Ledger:

Murphy hopes these new laws will put an end to N.J.’s dubious distinction as the nation’s leader in home foreclosures

Gov. Phil Murphy signed a package of measures into law Monday that aim to prevent New Jersey from having the dubious distinction of leading the nation in foreclosures.

The bills, which passed the Legislature with bipartisan support, largely either help to keep people in their homes or attack the problem of vacant properties in neighborhoods by speeding up the sale of foreclosed properties or making the lender more accountable for following local zoning rules.

The governor also signed the following bills into law:

A664 – Makes permanent an existing program that aims to increase the number of people in mediation to pay off their debt rather than being forced out of their homes.

A4997 – Requires any person acting as a mortgage servicer to obtain a license from the Commissioner of Banking and Insurance for each main office and each branch office where business is conducted. That means anybody acting as a mortgage service provider who runs afoul of state rules will be barred from acting as a mortgage lender in the future.

A4999 – Proponents say they measure will help cities and towns fight so-called zombie foreclosures by forcing creditors to provide a contact person for foreclosed properties. They say it will give local officials somebody to contact about property maintenance and code violations.

A5001 – Cuts down the statute of limitations in residential mortgage foreclosures from 20 years to only six years from the date on which the debtor defaulted.

A5002 – Expands the pool of so-called common interest community associations to record liens for nonpayment. Currently, the law only allows condominium associations to file a lien to collect unpaid bills. The new law expands it to other shared communities.

S3413 – Attempts to ensure the timely sale of vacant properties by requiring foreclosure sales of vacant or abandoned properties be conducted within 60 days of a foreclosure judgment.

S3416 – Broadens the “New Jersey Residential Mortgage Lending Act,” which aims to protect homeowners, to apply to some out-of-state people and entities involved in residential mortgage lending in New Jersey.

S3464 – Expedites residential mortgage foreclosure proceedings by requiring the county sheriff to conduct a foreclosure sale within 120 days of the sheriff’s receipt of a writ of execution.

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

149 Responses to Faster foreclosures come to NJ

  1. grim says:

    What’s really interesting, is some of these have some real teeth to expedite foreclosures. Totally unexpected from this administration.

  2. Yo! says:

    A good set of laws though 10-15 years too late. Expediting foreclosures should get houses into hands of motivated and financially strong owners before the houses sit deteriorating for years, reducing their marketability, impairing their value as renovation costs rise, and blighting the neighborhoods.

    And quick evictions reduce the urge for homeowners to stop paying their mortgages.

  3. Blue Ribbon Teacher says:

    haha, it’s never too late. My uncle is still living in my grandparents home, no payments since 2008.

  4. 3b says:

    Pumps NJ is fine because prices never went up in the first place? Back to ignoring again. Absolutely insufferable.

  5. PumkinPancake TuesdayMorning says:

    LMAO,

    Just saw a security video of pumkin pancake’s. But I’m not sure if it is his too friendly neighbor or his cousin.

    https://youtu.be/YJAahf8HUNI

  6. Juice Box says:

    Kids today don’t know how to party. Woodstock 50 cancelled.

    I was at 94 and was in the mud mosh.

    https://www.youtube.com/watch?v=a4gi–OtA3E

  7. The Great Pumpkin says:

    Sorry, buddy. Nj lagged the national recovery in home prices big time. Most of Nj has actually become more affordable in comparison to the rest of the country over the past 10 years (only the gold coast changed).

    So tell me again why it should drop now when these prices were supported 15 years ago? Are people making less money now? Not really, based on this chart. Yes, there was an anomaly in 2005/2006, but for the most part, nj citizens are making good money, esp in comparison to other states.
    https://fred.stlouisfed.org/series/MEHOINUSNJA672N

    I’ve said this over and over again…. every time these other “cheap” locations have rapid appreciation, it slowly gives NJ an advantage over these locations because of how much more money you can make in this area in comparison to those. It’s all cycles….that’s the heart of capitalism. Constantly switching gears trying to balance the market inefficiencies.

    3b says:
    April 30, 2019 at 8:33 am
    Pumps NJ is fine because prices never went up in the first place? Back to ignoring again. Absolutely insufferable.

  8. The Great Pumpkin says:

    Entering the 2000’s, NJ was at a complete disadvantage to the rest of the country due to home prices (like sf is now or coastal cali in general). They had cheap as sh!t, while we were top dollar. Capitalism has gone to work and has now made NJ more competitive than it has been in a long time. It just takes time and pain sometimes.

    I don’t know if nj is savvier than the rest of the country, but it sure seems like it. We are never as quick to drive up pricing like these other locations do. We make more money per capita, but they drive up their prices higher. My opinion, but what it seems like to me.

  9. The Great Pumpkin says:

    Unreal, sewer line broke again. This better be covered by warranty. Lol …when it rains, it pours.

  10. ExEssex says:

    No pumps taxes make seemingly affordable homes in NJ financially difficult. Taxes keep going up. Home prices go down as a result.

  11. 3b says:

    NJ and savvy now there is an oxymoron!!

  12. chicagofinance says:

    Seriously: WTF is this nonsense? 100% crap. Market rent is what it is. Who gives a sh!t about the expense profile? Trying to make the point more clearly, two identical apartment buildings, one owned free and clear, the other leveraged to the hilt. So what? rent is the same in both places.

    The Great Pumpkin says:
    April 29, 2019 at 7:21 pm
    “The E-mail To Send To Renters

    If you are a landlord who is faced with higher property taxes due to new legislation voted by the people, you can now send them the below e-mail or letter to raise the rent for the good of the community. Simply swap out the legislation, amount of spending, purpose for spending, amount of rent and timeframe to fit your situation.

    Dear Tenant,

    I hope all is well with you. Due to the passage of Measure RR, a $3.5B bill to maintain our public train system, the city is raising property taxes by roughly $XXX a year over the next 20 years. As a result, your rent will increase by $XXX a month starting on June 1, 2017 for the next 20 years as well.

    Thank you for supporting our public transportation system and great city. Not only does your rent and my property taxes help decrease congestion on our roads, we help create new libraries for our children, keep our teachers employed and help maintain our beautiful parks.

    Respectfully Yours,

    Your Landlord

    It’s important to make your tenant realize the rent increase isn’t just because you want more money to help pay for rising costs. You must also highlight the value proposition of what the new rent provides. People want to know their money is going towards something meaningful.

    Landlords should no longer be frustrated with ever increasing property taxes anymore if they consistently raise rents whenever a new bill that raises property taxes is passed. Renters should no longer be frustrated with rising rents either when they voted for more government spending.

    Everything is rational in the end. It’s up to each of us to stamp out inefficiencies and embrace the goodness of ever increasing property taxes. Together, we will all pitch in to support our community.

    Landlords, have you finally embraced higher property taxes? What is your property tax rate and how in property taxes are you paying a year? Renters, does it help to know that an increase in rent is used to help public works for the benefit of all? Do you believe there are renters out there who vote to raise spending and property taxes but aren’t willing to pay for what they voted on? Don’t forget to pay your property tax bill on time!”

  13. Bystander says:

    Blumpy is a smudge of excrement on a tissue surging out to sea with a million tons of raw s*wage.

    -Bukowski

  14. The Great Pumpkin says:

    Imo, affordability has nothing to do with the property taxes. Whether you pay the lump sum to the original owner through price, or in a payment plan through taxes, you can’t escape the cost. So lower the taxes and the price goes up, what difference does it make to the current buyer in terms of affordability? Stuck paying the tax no matter what, either to some boomer in the form of higher price, or collectively through taxes. At least you get something out of the taxes paid, giving all that money to the original owner nets you nothing but a higher mortgage payment.

    That’s the sick part of the boomers crying about property taxes. How much did they make in appreciation? Now crying about paying yearly property taxes that provided the investment in the foundation of your home appreciation. Those good schools and safe towns are created by tax dollars, how can people ignore this and act like the cost is free?

    ExEssex says:
    April 30, 2019 at 10:43 am
    No pumps taxes make seemingly affordable homes in NJ financially difficult. Taxes keep going up. Home prices go down as a result.

  15. JCer says:

    Yes Essex, that is the case is Essex county, property taxes are now exceeding mortgage interest in many towns and now it is not deductible, so it’s a double hit. Property taxes as a line item on my budget are the biggest expense I have bar none, housing in the biggest expense by far and the property tax paid pretty much equals mortgage interest+utilities(elec, gas, water, sewer,garbage, cable, phone, and internet)+my annual landscaping bill+insurance.

    Essentially property tax makes up 50% of my annual housing expense outside of capital improvements and unforeseen major repairs. The value of my house dropped like a rock as a result of the taxes, prior owner paid 1.6m in 2005, I could probably sell for 1m today. The tax liability is catastrophic, prior owner was an ibanker, lost his job in 2009 and basically defaulted on his mortgage and lived there for free for 5 years, but fundamentally it was the taxes which as the time went up to 47k that he couldn’t pay after losing his job(as far as I can tell he never got another job as a banker), he bought his house with a 1m mortgage and I found plans for a 300k yard renovation he never did. Housing prices track income, seemingly mortgage payment drives pricing, one variable changes and it impacts others, so property taxes and interest rates drive affordability.

    On the topic of Franklin Lakes, I grew up there and know the town well. The biggest factor there is the shift of where high paying jobs are, FL suffers from a commuting problem(NYC isn’t easy, so unless there are high paying jobs nearby, prices suffer) and a lack of a downtown or anything nearby(no dining nearby is a big problem). Most people who live there work in NJ and drive, the schools are good as are the property taxes, the 1ac lot size is nice as well but if you have to go to NYC it is inconvenient. The same factors are at work in Wayne. NJ economy isn’t good(probably contracting in most places), growth is NYC based and driven entirely by NYC and it’s proxies(Gold Coast)

    Housing is tied to income in most places, some markets with trophy properties are somewhat exempt.

  16. The Great Pumpkin says:

    He was making the point of justifying rent increases every year. He wants the renters to know that their votes for more govt will cost them too. Read in entirety.

    I agree, I find it funny that some renters think they are immune for property tax hikes or cost of upkeep. Too bad you have idiot landlords out there that don’t raise rent and create a bias in their renter that costs have no impact on them, which is absolutely false.

    chicagofinance says:
    April 30, 2019 at 11:00 am
    Seriously: WTF is this nonsense? 100% crap. Market rent is what it is. Who gives a sh!t about the expense profile? Trying to make the point more clearly, two identical apartment buildings, one owned free and clear, the other leveraged to the hilt. So what? rent is the same in both places.

  17. The Great Pumpkin says:

    Think about this, though. How much more would you be paying if you had ultra low taxes? You would be paying the individual significantly more for the home, and that does not mean you will be making the same appreciation when you go to sell your house as the cost of low taxes has already been factored in on your purchase. The property taxes does a great job of keeping prices in check if you think about it.

    You can’t think of property taxes as a total loss, because they pay for investment in said location. So would you rather give an individual that bought a home in 1980 significantly more money, or would you rather see funds go to the community for investment?

    JCer says:
    April 30, 2019 at 11:24 am
    Yes Essex, that is the case is Essex county, property taxes are now exceeding mortgage interest in many towns and now it is not deductible, so it’s a double hit. Property taxes as a line item on my budget are the biggest expense I have bar none, housing in the biggest expense by far and the property tax paid pretty much equals mortgage interest+utilities(elec, gas, water, sewer,garbage, cable, phone, and internet)+my annual landscaping bill+insurance.

  18. Blue Ribbon Teacher says:

    lol, arguing that NJ is attractive and cheap while the moving company data indicates a very high rate of exodus.

  19. Blue Ribbon Teacher says:

    I remember in 2006 when I was going to move out. My landlord begged me to stay and lowered my rent $300 to stay and extra year. Apparently paying rent on time and fixing things one your own were that valuable to him relative to the other 9 tenants he had.

    I also remember him eating $2k just to kick out a drug dealer chick that moved in upstairs.

  20. JCer says:

    Pumps, here’s the problem if taxes rise as they have, the value of the home is reduced in kind. I clearly sucked it up and bought a home with obscene taxes because I paid maybe 200k more than other homes we were looking at and got a more substantial property paying about 12k more in taxes. The main issue is in Essex County the property tax is pretty much universally bad and we wanted a manageable commute.

  21. Juice Box says:

    Pumps -sewer line broke or is clogged with your crap?

  22. Yo! says:

    Van rental company moving data doesn’t tell whole story. Domestic migrants to NY metro are high income, highly educated, and young. They don’t rent trucks, they splurge for private movers to truck their goods. Van renters skew low income. The migration situation in NY metro is gentrification. The country’s best and brightest are moving to NY metro in large numbers, but not to the extent as the West Coast.

  23. 3b says:

    Yo And Wayne too I am sure!!

  24. The Great Pumpkin says:

    Nj will never be cheap. It’s impossible unless all the rich leave in droves. So pray they leave, but they most likely won’t.

    I was simply making the point that Nj has become more attractive as these other places have significantly gone up in pricing relative to NJ. You are not getting much of a discount now, and when taking into account compensation, you are losing long-term.

    Of course, capitalism will go to work. Eventually, the lemmings will realize this and start acting on it. Once again, our pricing will be pushed up and become too expensive. They will then spread out in search of value, and do it all over again.

    Might not be exactly how the story goes, but it won’t be far off.

    Blue Ribbon Teacher says:
    April 30, 2019 at 1:28 pm
    lol, arguing that NJ is attractive and cheap while the moving company data indicates a very high rate of exodus.

  25. 3b says:

    Yep they are moving like herds of cattle into NJ now I see them coming over the plains like Genghis Khan and the Mongols!! And they bring with them thousands and thousands of high paying jobs!!

  26. Libturd, channelling ExPat says:

    Pumps is so full of sh1t, that he cracked his pipes! Twice!

    Maybe his dad should stop flushing his shivs down the drain every time he hears a siren?

  27. The Great Pumpkin says:

    I know. What’s the answer, though? I don’t know. You have to invest in society, and it shouldn’t all be on property owners like nj likes to do. Come up with alternative taxes so the pain is spread out.

    JCer says:
    April 30, 2019 at 1:33 pm
    Pumps, here’s the problem if taxes rise as they have, the value of the home is reduced in kind. I clearly sucked it up and bought a home with obscene taxes because I paid maybe 200k more than other homes we were looking at and got a more substantial property paying about 12k more in taxes. The main issue is in Essex County the property tax is pretty much universally bad and we wanted a manageable commute.

  28. JCer says:

    Pumps the answer is simple, both NY and NJ have a broken School funding method. If NJ moved school funding away from local property taxes they could go a long way to fixing the property tax issue.

    Step 1, identify a base level of school funding if that 15k per student or 16k or 18k or 12k, that is the commitment to every municipality, this funding could come from state income tax, a separate county or state level property tax. Home rule can be retained but the funding needs to spread. Here is the issue no one talks about, many small municipalities have nothing but housing and it is arbitrary, nothing they can do to fix taxes if the cost of education is born entirely by home owners. Many towns in NJ spend 20k per student, yes it is high…..but it isn’t that much higher than other states(most average around 15k). Think about it through even distribution of state school aid each town can get almost 7k per student, an additional state property tax could hit high value properties in towns that currently have no educational burden and could also hit the jersey shore where 2m-3m homes paying 10k in property tax………

    Step 2 shared services, truth be told no reason for West Orange, South Orange, Maplewood, Millburn, and Livingston to have their own police forces, fire departments etc. More rank and file, fewer chiefs and administrators. Same holds true in Union and Bergen county. Towns are tiny, crime is nearly non-existent, most residents wouldn’t notice the change. Truth be told some towns should merge, why South Orange and Maplewood are separate towns is beyond confusing so many shared services, almost identical socio-economic/race/ethnic demographics and a shared school system and both relatively small. There are many other mergers that make sense as well.

    So efficiency should be chased, services rationalized and the vast majority of school funding should be separate from local property taxes(only the excess beyond the adequate number). Do that and the property tax issues can be somewhat alleviated.

  29. Libturd, can't say I didn't warn you. says:

    Just regionalize at the county level for schools and municipal services.

  30. The Great Pumpkin says:

    Jcer,

    I would vote for you. Too bad you are not stupid enough to run and fix this issue with property taxes. The powers that be don’t seem to have any intention of fixing how we fund the state. They only like to increase property, income, or sewer taxes. God forbid, you reform the system so it’s not focused on the homeowner.

  31. Libturd, can't say I didn't warn you. says:

    The powers that be are owned. Never forget that. It’s on every level from the president down to your local town council. There are very, very few independent decision makers. It is why Bernie will be hounded every step of his way. Wouldn’t want to upset the status quo.

  32. The Great Pumpkin says:

    Why is it so hard for you to grasp how that this is wealthy area?

    I’m convinced you take it for granted. You just assume other places in the country are like where you live. NJ IS LOADED. The millionaire next door was probably written about jersey. Small home in River Edge prob has some frugal millionaire living there, you just don’t know it. The people buying million dollar homes in nj are beyond loaded. Don’t kid yourself, and think they are barely hanging on, or in over their head. Not the truth.

    Go to real middle-class America and you will consider them poor due to your bias from living in this area. In north jersey, the middle class is poor.

    3b says:
    April 30, 2019 at 2:03 pm
    Yep they are moving like herds of cattle into NJ now I see them coming over the plains like Genghis Khan and the Mongols!! And they bring with them thousands and thousands of high paying jobs!!

  33. 3b says:

    Pumps for the love of God just give it a rest! You are such a simpleton I don’t understand how anyone could tolerate your gibberish as long as this blog has. Grow up and give it a rest!!

  34. The Great Pumpkin says:

    Just show me the data where nj is losing millionaires, not gaining them. You are the simpleton that refuses to look at the facts.

  35. The Great Pumpkin says:

    Go listen to the mentally challenged using United Van lines to justify that the rich are leaving in droves. It’s insane.

    The rich are not leaving unless they are retiring or lucked upon a good money opportunity in a cheap location. The people that are leaving are the middle class that trick themselves into thinking the grass is greener because they can buy a new cheap house in a housing development that will go to sh!t in 10-20 years after the true colors of the inhabitants start to bleed through. They won’t upkeep, they won’t maintain the landscaping bought with the home, and before you know it, they will try and buy in another new “cheap” development home.

    What I just described is the reality for places like Florida. It’s all good when it is shiny and new, but these people don’t take care of sh!t. Why I strive so hard to buy into neighborhoods that actually care about their home and community, and have the work ethic to act on it.

  36. JCer says:

    All of my solutions would be politically unpopular or repugnant to different groups. Good luck getting the crooks in Newark, Camden, Trenton, Paterson to live with 17k per student vs. the 25k they have today.

    Next good luck the wealthy who own 2nd homes at the shore and the businesses(I’m looking at you Teterboro/South Hackensack, et al) who have low property taxes now would undoubtedly pay much higher taxes. As would taxes in Paramus, and a host of other towns with a strong commercial property base if the municipal property tax levy no longer significantly funds schools.

    Then the gov unions will push back on the destruction of the municipal fiefdoms with all of the different orgs and the cost cutting that needs to happen. The police, and fire depts won’t take this sitting down.

    Any politician attempting to fix things will get crucified. The problem is to benefit 90% of the population 10% will get hit and will do everything they can to keep the status quo. When you consider who is benefiting from the current scenario you will see it is the people who are politically powerful and fantastically wealthy.

  37. 3b says:

    I declared you a simpleton not just for your millionaire comment.

  38. 3b says:

    JCER your solutions have been discussed on this blog for years they will never be implemented. And NJ will continue to sink into the abyss.

  39. The Original NJ ExPat says:

    Pumps clearly has a vagin@.

  40. The Original NJ ExPat says:

    ^^^^Best comment EVER^^^^

  41. JCer says:

    3b, it is well known. I’m explaining for the benefit of pumps. The solutions are known, it’s getting the pols and the population behind it. To Stu’s point all politicians are owned and most people are incredibly dumb.

  42. 3b says:

    JCRER understand.

  43. Libturd, can't say I didn't warn you. says:

    “I declared you a simpleton not just for your millionaire comment.”

    Needed that. Today has been a terrible workday who I blame the entire population of Chennai upon!

    Today, they managed to break something that I can’t even figure out how they could have possibly broken it. Which makes it doubly-impossible to fix. With that said, our extremely large client is not happy. And how the fcuk do I explain it to them. Now redoing the job from scratch and it’s already 2 hours behind SLA. What’s another 3 hours. F me. And the calls will get worse as everyone just wants to go home.

  44. leftwing says:

    “Pumps NJ is fine because prices never went up in the first place? Absolutely insufferable. Back to ignoring again…Pumps for the love of God just give it a rest!…I declared you a simpleton not just for your millionaire comment…”

    3b, why do you even try? It’s like debating Opie from Family Guy…He started by posting an article which opening premise was contrary to his assertion…LOL.

    On that article, yesterday, here’s my take…As always limited by the flaws of the underlying data…

    https://expo.nj.com/news/g66l-2019/04/af4a620f826032/these-are-the-15-hottest-real-estate-markets-this-spring.html

    Nearly all the growth is a thin ribbon of waterfront from NYC to Monmouth County. If we go back to 2006 that ‘growth map’ would be entirely reversed…heaviest growth in the inland bedroom communities.

    What’s happening…the Gold Coast phenom (Weehawken, Jersey City) is well documented. I suspect the Highlands are quality-of-life refugees who are selecting decent areas within their commute and the shore, knowing they have likely been priced out of the shore proper for a long time.

    The rise of Spring Lake/Sea Girt and other high end shore areas is interesting. Anecdata for these two places…three of my friends/neighbors in my very small town are using these areas as part of their Jersey exit strategy…far from showing a deeper commitment to the State, such purchases are enabling their exit.

    Each has a second home down South – two of them in the same west coast FL town. They are positioning to make that home their permanent residence once the last kid is in/through college. The purchase of the SL/SG home, all within the last few years as kids were older, is to give the family (and future extended family) a ‘homestead’ in the metro area. It is not what one thinks of as a ‘traditional’ shore home.

    Each understands the albatross among the three homes is the current 5/5 CHC in the bedroom community, where they will take a significant hit. One has it on the market, I’ve commented on the house before. Another has already taken a step down a couple years ago from the $2.5m range into something a bit more modest around $1.5m.

    Each of these families though has bought high end shore homes not as a commitment to the State but as part of an exit strategy.

    FWIW.

  45. chicagofinance says:

    The End Is Nigh (Snooki Edition):
    NEW YORK — The 2019 MTV Video Music Awards has a new home: New Jersey.

    The network announced Monday that its annual awards show will take place Aug. 26 at the Prudential Center in Newark, New Jersey.

    The VMAs are typically held in New York, though it has also taken place in Los Angeles, Miami and Las Vegas.

    Last year’s show took place at New York’s Radio City Music Hall.

  46. The Great Pumpkin says:

    Aka they are retiring. All this shows is that they still want a presence in this area even during retirement. Don’t throw dirt at me when you are the idiot.

    “Each has a second home down South – two of them in the same west coast FL town. They are positioning to make that home their permanent residence once the last kid is in/through college. The purchase of the SL/SG home, all within the last few years as kids were older, is to give the family (and future extended family) a ‘homestead’ in the metro area. It is not what one thinks of as a ‘traditional’ shore home.”

  47. 3b says:

    Left you are right I should ignore him. I try and am successful for a while and then he says something that is just so stupid I feel the need to respond. I am back to ignoring again. I am not sure I understand the exit strategy but if it works for them then it makes sense. Friends of ours will be moving down south bought a condo in SC a few years ago. They are dumping the big house in a prestigious Bergen Co town. They also own a co-op in Riverdale in the Bronx which they will use when they come up to visit. They could stay where they are but it just makes no sense. I agree with you on the Gold Coast and for a variety of reasons people are staying there and won’t be coming like herds of buffalo out to the suburbs. It’s a changed world. I am the older guy and I understand it.

  48. leftwing says:

    Chi, interesting wsj article yesterday on lyft and uber. TY.

    Good questions raised at the end as to unintended consequences of the accounting, whether regulatory, legal, or labor. Won’t be heard for a while with all the hype.

    I was very involved with a ‘hot’ sector within the last 24 months. Tried to get my arms around a similar issue…by statute the businesses being rolled up in this sector can’t be directly owned by the entities doing the roll up. These entities are technically providing a management services agreement for certain aspects of the underlying businesses, including receivables collection and bill pay. The MSA entity is about a 10% of revenue line item expense for the underlying businesses.

    The larger entities use an obscure FASB ruling (can’t remember the number, can look it up) that allows financial consolidation if one entity asserts substantial control over the operations of another. They are booking all of the underlying revenue and expense of all rolled up entities and adjusting on the consolidated statements for their fee.

    Interesting accounting…if they were to book their expense to the underlyings as their revenue – a more typical arms length interpretation – their consolidated revenue would decline 90% yet they would be incredibly profitable (by margin).

    By using the FASB ruling they are showing very substantial businesses on the top line with lower profit margins. Problem is, if they were to ever try to go public it would be a circus….their accounting disclosures would need to state the ‘substantial control’ criterion, and the lawyers’ heads would explode since one of the first risk factors in any prospectus would need to be the statutory limitations on that exact ownership/control.

    A bunch of these companies have traded, none publicly, mostly among brand name PE firms.

    Interesting how your accounting selections can otherwise handcuff you.

  49. leftwing says:

    3b, they are wealthy and bolting here when they can.

    Still, they want to keep a presence here as kids will likely settle somewhere in the metro area, they continue to have friends this way, etc. Summer house to have people down is the goal.

    Point was, addressing the moron, seeing the large purchase prices at these shore towns was for these families contrary to what one may normally assume. They weren’t dropping the median price in these towns as part of a 20 year commitment by their family to the State. To the contrary, having the alternative of a (non-domicile) shore home here makes it easier for them to GTFO.

    They’ll transition back to two homes eventually, swapping the NJ CHC (and its taxes and residency) for FL residency and taxes, while maintaining the NJ link through the shore.

  50. leftwing says:

    Also, these weren’t big shore families…none of them owned a shore house before this big exit inspired purchase. Two of the three were born and bred out of state…moved here as married with kids as a result of jobs in the city.

  51. The Great Pumpkin says:

    You like that click bait, huh?

    Headline says nj when they are instead referring to New Jersey-New York. Second, according the article, one out of every 21 people in the area are millionaires. Not sure if it’s true, but are we sitting here crying about 5,000 millionaires leaving when after they leave, you are still left with one out of 21 people still categorized as filthy rich.

    At the end of the day, why did they leave? I guarantee retirement or family had to do with it and not taxes. I don’t need to listen to financial advisors being interviewed for these articles so that they can instill fear to sell their product. If you are really rich, 20,000-40,000 property taxes is not in the decision process on where you will live. That is nothing to you. It is what it is.

    Young Buck says:
    April 30, 2019 at 3:34 pm
    New Jersey-New York area lost 5,700 millionaires in 2018

    https://www.northjersey.com/story/news/new-jersey/2019/01/18/new-jersey-area-lost-5-700-millionaires-2018/2605414002/

    Millionaires are leaving New Jersey

    https://nj1015.com/millionaires-are-leaving-new-jersey/

  52. 3b says:

    Left wing that makes perfect sense.

  53. The Great Pumpkin says:

    Sell that service, girl! Instill the fear and of course you can help, right?

    ““The folks that technically can afford to live here are also the people who have second homes. They could be in Pennsylvania. They could be in the Southwest. Very often it’s Florida,” she said. “The tax situation in those states is much more attractive.”

    One client, Taylor said, would have to spend $150,000 more each year to remain a New Jersey resident. By spending half the year outside of New Jersey, that client can avoid the full brunt of the amended federal tax code that caps state and local tax deductions at $10,000, she said.

    Some of Taylor’s other clients, who are considered middle class in New Jersey, are finding that their money buys them more in places with a lower cost of living and taxes, such as Florida and Texas.

    “These people are doing OK here. They’d be doing great anywhere else, and what I’m finding is those people are relocating,” she said. “They are leaving New Jersey.””

  54. The Great Pumpkin says:

    Of course, they leave this line till the end. Sell that fear….

    If anything they said was true, why so many millionaires remaining? Are they just the dumb ones that don’t get it. Why try to paint the picture that millionaires are leaving in droves due to taxes, but yet almost all stay except a select few.

    Total bs!

    “After the decline, the New York-New Jersey area still accounted for almost 1 million millionaires in 2018. The total equates to roughly one in 21 area residents.”

  55. leftwing says:

    3b, he exposes himself every day as the stupidest fcuk around…I love his view on the ‘filthy’ rich…as well as the ‘big boys’…and the ‘big dogs on wall street’…the guy literally lives in a comic book understanding of real life…

    The dad of one of the families I reference and I are good friends…we had a serious conversation a couple years back…our oldest boys graduated together, and both went out of state west (plane trip home) to different schools…each one, despite our instructions, waited until absolutely the last minute on the first Thanksgiving to book flights…our conversation was what to do, since the early booking fare was a few hundred and the last minute fare was higher.

    We both agreed we weren’t paying the extra to allow the boys to come back…the extra fare for booking late was in the hundreds and wasn’t material to either of us in any sense. It was principle and a teaching moment.

    It was about the value of money, what it represented, and respecting the exchange of time for value.

    This idiot exposes himself every day as clueless…in his fictional world of perception of the wealthy 20k-40k is ‘meaningless’…

    The wealthy are wealthy because they understand the VALUE of money, not because the spend it frivolously or are scrooges.

    He literally lives in a world about which he knows nothing and contributes nothing. I wish Grim would just up and ban him finally. He is just so tedious.

  56. ExEssex says:

    Also on Tuesday, the widely-followed Case-Shiller index showed home prices had risen at the slowest pace since mid-2012 in February.

    In March, only the Northeast region saw a decline, of 1.7%. Pending home sales were up 4.4% in the South, 2.3% in the Midwest, and a convincing 8.7% in the West, an area dogged by higher prices and stung by recent tax law changes.

    See also: Sell your home with a Realtor or an algorithm? Maybe both.

    Big picture: Contract signings usually precede closings by about 45 days, so the pending home-sales index is a leading indicator for upcoming existing-home sales reports. The Realtors expect sales of existing homes to be 1.1% lower in 2019 than last year. All eyes are on the busy spring selling season to see if things turn around.

    What they’re saying: “There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years,” said Lawrence Yun, NAR’s chief economist.

  57. 3b says:

    He is a combination of ignorant and arrogant and childlike. He won’t even entertain the fact that he may be wrong on any particular topic. No he deems himself the expert on every topic regardless of his familiarity or knowledge. I don’t claim to be an expert but what I know I well. As for the Rich well I worked at GS when it was a partnership part of my responsibilities handled investing a portion of their money in municipal securities. I l learned so much from them. And yes you are right they were not foolish with their money. Many of them rode the subway everyday just like the rest of us. Plus I had immigrant parents who never wasted or were foolish with their money. I don’t know why a certain individual is so insufferable or refuses to even admit he could be wrong. The facts are the facts whether it is a positive or negative for one financially he can’t accept that. It’s ironic that I the older guy gets that the world has changed from when I came of age in the 80s. It’s the young guy that refuses to acknowledge it and lives in a fantasy land.

  58. The Great Pumpkin says:

    You really are one of a kind.

    Sorry, can’t describe people worth a liquid million or more as filthy rich. My mistake.

    If you are in this class of citizen, 40,000 is nothing for the value of living in a beautiful home in a nice safe area. Don’t need to spend on security, town is already over staffed with police. House has no chance of burning down unless you want it to. Don’t need to send your kids to private school, get access to an elite public school where your kids will be safe (they will have almost zero chance of being influenced by kids you don’t want your kid around). Did I mention you and your family will be extremely safe….value = priceless. But you take that for granted, right? Blind as hell to the value your tax dollars bring to your life or maybe just naive.

    I’m not worth a liquid million or more, and 20,000 property tax bill is not causing me to get up and move.

    You don’t know what you have till it’s gone…hope you don’t learn this the hard way.

  59. The Great Pumpkin says:

    In other areas, if you are rich, better live in a gated community and send your kid to 40,000 a year private school. But hey, my taxes are cheap.

    Why do I have to pay all these property taxes, I get nothing of value for it.

  60. The Great Pumpkin says:

    This is how you get re elected. Brilliant move, Trump.

    WASH­ING­TON—De­mo­c­ra­tic con­gres­sional lead­ers said Pres­i­dent Trump agreed to aim for a $2 tril­lion in­frastructure pack­age in a White House meet­ing on Tues­day, though the two sides didn’t dis­cuss how it would be paid for, and Capi­tol Hill Re­pub­li­cans are un­likely to go along.

    https://www.wsj.com/articles/democrats-trump-agreed-on-2-trillion-infrastructure-package-11556640992?emailToken=6b196751d668c7f47cd2cb00e7868f14XZJ3DREIIQ43QWdbaoUHIzWBRujeL3GWcTZAaR8Aagwc1cjsAIzJJ8AzpYVMMhkLU1h8NEqSj0BvBG+KOLMlq6lf7Sg9UMR6bc6ZIlC10vMPdL3mlP7TNUt8wbUkYKtB&reflink=article_copyURL_share

  61. Grim says:

    Down in Miami this week.

    Florida blows.

  62. 3b says:

    Fla does blow but the Gulf of Mexico side is nice.

  63. leftwing says:

    “Sorry, can’t describe people worth a liquid million or more as filthy rich. My mistake…

    If you are in this class of citizen, 40,000 is nothing…I’m not worth a liquid million or more…”

    LOL, can’t make this sh1t up.

    Firmly opines on the views and actions of people he self-admittedly isn’t….is it ultimate arrogance or ultimate ignorance? Hard to tell.

    Dumbass, you realize at least a few people here are through that threshold? And I would venture at least one is annually, meaning for your reading comprehension deprived brain seven figures, after tax, cash, each year?

    And you are in their faces each day with your ridiculous drivel.

    Stupid fcuk, go away.

  64. ExEssex says:

    I noticed pumpkin (many moons ago) mocked me for shopping for something in the 600k range in one of the B towns in Morris County. I never understood that mentality. I’d much rather have the ‘cheapest house is the nicest neighborhood’ than the other way around. But hey, deep thinkers we ain’t all.

  65. 1987 says:

    ADP jobs up 275k

  66. chicagofinance says:

    ‘splain

    Grim says:
    April 30, 2019 at 9:43 pm
    Down in Miami this week.

    Florida blows.

  67. ExEssex says:

    Culturally and politically Florida is a dreadful place. Humidity and mosquitos just complete the picture.

  68. Bystander says:

    All these great headlines yet someone like me has nary a sniff of a decent job contact. Years of experience in IT delivery, masters, agile and project management training. Zero on Linkedin for months and only one from typical bs recruiter last week. I responded to it for sh*ts and giggles. Rate at bottom. Like I said, great time to be a dish boy or sandwich artist in America.

    Position:: Technical Program Manager
    Location:: Whippany, NJ
    Duration:: 12+ months

    Job Description:

    Candidate should be able to manage the overall program.
    Candidate must have Investment Banking Experience.
    Should have experience in managing project with Agile Methodology.
    Should have experience in Continuous Improvement/ Contininous Development
    Track the status of different streams and send updates to senior stakeholders.
    Work closely with the offshore teams and flag the key risks timely.

    $68/hr C2C.

  69. Libturd, can't say I didn't warn you. says:

    As someone who has spent a LOT of time in FL. It has its ups and downs. Inland, it is miserable. Too much traffic. Too much humidity. Too many old people and trailer trash. With that said, Orlando, Tampa and even Miami can be fun in places and very inexpensive. If you can afford a place at the coast, Fort Pierce down to Miami. The humidity isn’t an issue and the beaches are beautiful. You also have the Intercoastal Waterway which is really cool. I am not as big a fan of the gulf side as I like waves. But the beaches are huge and the atmosphere is laid back. It definitely has more of that Louisiana feel. And of course, there’s the Keys, which are beautiful but too hurricane prone to consider buying there. Also, a little too isolated. And a little too gay for my taste.

    The bulk of Florida though is a mix of trailer park, planned (gated) and senior communities. The nice areas are cost prohibitive since that’s why you moved to Florida in the first place, right?

    The tolls there really suck too and there are way too many machismo Cubans in the Miama area.

    I think I covered it all. Well, besides the sh1tty pizza and bagels. Though, they do have the Waffle House and Denny’s.

  70. The Great Pumpkin says:

    That’s how out of touch you guys are. You live in a got damn bubble. Ahh, liquid 1 million is nothing….go ask 99% of the population how they feel about that.

    Individuals making 75 k a year are paying 10k in taxes, but you cry about 20,000 with a million or more in liquid assets. WAKE UP. You might think it’s nothing, but to the rest of the population, you are filthy rich. This is LIQUID….

    “Firmly opines on the views and actions of people he self-admittedly isn’t….is it ultimate arrogance or ultimate ignorance? Hard to tell.

    Dumbass, you realize at least a few people here are through that threshold? And I would venture at least one is annually, meaning for your reading comprehension deprived brain seven figures, after tax, cash, each year?””

  71. The Great Pumpkin says:

    Refresh my memory. I don’t understand why I would mock you.

    I bought a 650,000 house.

    I also know the age old saying of “buy the cheapest house on the block,” but that’s nonsense to me. Buy the house you love and works for you, simple as that.

    ExEssex says:
    May 1, 2019 at 8:03 am
    I noticed pumpkin (many moons ago) mocked me for shopping for something in the 600k range in one of the B towns in Morris County. I never understood that mentality. I’d much rather have the ‘cheapest house is the nicest neighborhood’ than the other way around. But hey, deep thinkers we ain’t all.

  72. leftwing says:

    The Stupid Fcuk Playbook, Chapter 5:

    Read a cogent post, do not comprehend. Instead, assume words and ideas not in the post. State them, of course attributing these comments never said to the original poster. Proceed to then argue with the position you made up. See also: Masterbat1ng Monkey.

  73. The Great Pumpkin says:

    You mocked my “filthy rich” comment and then I justify it, and you come back with this crap. Okay, if you say so.

  74. leftwing says:

    To clarify, since I am sure your dumbass Opie brain can’t comprehend the above post…

    “That’s how out of touch you guys are. You live in a got damn bubble. Ahh, liquid 1 million is nothing….go ask 99% of the population how they feel about that…This is LIQUID….”

    I never said liquid 1m was nothing. I do understand we are talking liquid, don’t need the uppercase.

    What I said was you have always been uniquely UNQUALIFIED to opine on the behaviors, attitudes, and views of the wealthy, which you confirm every day with the icing on top of your own personal NW.

    Comprende, penny stock pancake boy?

  75. leftwing says:

    “You mocked my “filthy rich” comment…”

    Of course I did. Who speaks that way? Who views the world through the prism of the “big dogs” and the the “big boys of Wall Street”?

    Who seriously thinks of the world that way, and uses those terms? Other than a 14 year old, or a Family Guy caricature?

    Or, Opie, the penny stock pancake boy.

  76. The Great Pumpkin says:

    Lefty,

    Debate is good. Why get so upset with someone that likes to debate with you? Not everyone has to think the same. It doesn’t make someone an idiot if they are able to look at an issue in a different way.

  77. leftwing says:

    You don’t debate. What you do is the opposite of debate. There is absolutely zero logic or argument to anything you say, Opie.

  78. The Great Pumpkin says:

    I didn’t invent the terms, only used them to dramatize my point.

    “Of course I did. Who speaks that way? Who views the world through the prism of the “big dogs” and the the “big boys of Wall Street”?

    Who seriously thinks of the world that way, and uses those terms? Other than a 14 year old, or a Family Guy caricature?”

  79. The Great Pumpkin says:

    That’s the difference between someone like Jcer and you. Think long and hard about it. He maintains many of the same positions as you, we debate, and have no problems with each other. Think long and hard about why it’s like that with him and not with you. It’s never too late to change or improve upon yourself. You come off as an elitist, just saying…

    leftwing says:
    May 1, 2019 at 10:07 am
    You don’t debate. What you do is the opposite of debate. There is absolutely zero logic or argument to anything you say, Opie.

  80. leftwing says:

    And I’m far from upset, lol. You have no ability to upset anyone, because really no one cares what you say.

    What I’m on is a roll because my day ended early. Those CVS options I loaded up that expire Friday treated me well this morning…

    See, Opie, that’s how “big boys” do it. Take a position, with conviction, and back it with some real cash. That was binary as well, stock stays flat or goes the other direction today there is no time for repair, buzzer blows on Friday, total loss.

    Contrast that to your ‘fantastic’ stock call. Which in same breath you tout your expertise you admit you didn’t trade it because you weren’t confident enough in the call. Can’t make this sh1t up.

    Opie, financial advisor to the stars……

  81. PumpkinFace says:

    It’s never too late to change or improve upon yourself.

    It’s never too late to change or improve upon yourself.

    It’s never too late to change or improve upon yourself.

  82. A Home Buyer says:


    Good God! I’ve been sayin’ it. I’ve been sayin’ it for four damn years. Ain’t I been sayin’ it, Miguel? Yeah, I’ve been sayin’ it.


    A Home Buyer says:
    July 27, 2015 at 1:05 pm

    Troll,

    I am moving. At a minimum, I will not be owning in North Jersey. If all goes well, leaving New Jersey within 2 years.

    I apologize if valuing my personnel freedoms and quality of life for my family doesn’t agree with your NYC-centric view of the world. I believe their to be more to education then a Blue Ribbon, more to entertainment then spending an absurd amount of money on “fine” eatings and Broadway plays, more to communicating then having awesome internet speeds and smart phones, and more to living then working all day and having a Nanny watch the children.

    So yes. Please have my home appreciate by a factor of 2 for when I sell.

    PS: Please stop making assumptions. Please stop responding to your own posts. Please stop posting article after article after article without anything other then “See, I’m Right, I’m Special!”. Please try to provide facts rather then opinion when you do post, or at least research the history of things you post before declaring them.

    In fact, just please stop posting and follow through on your prior commitment to go away. To be honest, I’ve stopped reading your general rants, but as this one was directed to me I figured it at least warranted the courtesy of a response

  83. The Great Pumpkin says:

    Let me try to fit in.

    Taxes are out of control. NJ is dead. Housing is dead. Trump rules!!

    Happy?

  84. The Great Pumpkin says:

    Move out of nj as fast as you can! Run! Only idiots hang around.

  85. The Great Pumpkin says:

    Only losers buy in Wayne. Who would live that far away from nyc. It’s way too far, and the town is dead.

    Suburbs are dead, people! Get out while you can.

    Move to nashville, florida, carolinas, or texas before it’s too late. Don’t waste your life away in nj paying all those taxes when you could be living in one of these locations.

  86. The Great Pumpkin says:

    Sorry, forgot about good ol Pennsylvania. Where the smart nj families move to.

  87. Bystander says:

    Blumpy, you are a clown’s fool but you finally hit this one right on your big red nose.

    “Let me try to fit in.

    Taxes are out of control. NJ is dead. Housing is dead. Trump rules!!

    Happy”

  88. leftwing says:

    “Let me try to fit in.
    NJ is dead. Housing is dead.
    Move out of nj as fast as you can! Run! Only idiots hang around.
    Only losers buy in Wayne. Who would live that far away from nyc.
    Suburbs are dead, people! Get out while you can.”

    See Chapter 5 at 9:54a

  89. Fast Eddie says:

    Florida is dismal. Ugh. A high rise in Miami is the only thing I would ever consider.

  90. ExEssex says:

    Pumpkin I think the context was “why bother” looking for something in a low price range in a Tony town,

    Not a big deal. But silly beyond belief.
    Hey maybe that’s your epitaph?

  91. ExEssex says:

    10:42 if you are living in one of those locations and a Jersey based company calls to recruit you, do you think they would be interested in relocating?

    NJ Recruiter: well you’ll spend twice as much, but you’ll live half as well.

  92. Fast Eddie says:

    I don’t think NJ is dead. The taxes are cringe-worthy but we do have some of the best amenities in the country.

  93. Stoooooooooopid Money says:

    You do know that NONE of this has anything to do to with foreclosures. The reason that NJ has more of them is because they have the most number of people that are leaving and simply don’t give a crap about NJ anymore. Sorry — but that’s the harsh reality. NJ = cesspool.

  94. The Great Pumpkin says:

    Ahh…

    Still stand by that. I just don’t understand why people want to be where they don’t belong. More power to people who choose this path, but I would not put my kid through that. Every kid is going to have much more than your kid, and it will most likely result in a negative complex in the long-term.

    I do not want the 650,000 home in short hills…..I don’t belong there. Those are “big dogs,” and I will feel poor amongst them. Just not for me.

    I can afford a million dollar home, but I’m perfectly happy with my highway home in Wayne. I fit right in with the people of Wayne. My kind of people. Have nothing negative to say about the town.

    ExEssex says:
    May 1, 2019 at 11:25 am
    Pumpkin I think the context was “why bother” looking for something in a low price range in a Tony town,

    Not a big deal. But silly beyond belief.
    Hey maybe that’s your epitaph?

  95. The Great Pumpkin says:

    I look at the other way. I want a good professional job, and sorry, not every location has access to this. It’s very limited in other areas….aka you have to be lucky. I’ll stick to the location that has allowed me to build a net worth over a million by the age of 36….starting from nothing. I’m not working 24/7 either, have a fabulous quality of life. Also, I had no financial support from my father throughout my life.

    Tell me where else in the country this would happen? I LOVE YOU NEW JERSEY FOR ALL THE OPPORTUNITY YOU HAVE GIVEN TO ME. I will not waste it.

    ExEssex says:
    May 1, 2019 at 11:29 am
    10:42 if you are living in one of those locations and a Jersey based company calls to recruit you, do you think they would be interested in relocating?

    NJ Recruiter: well you’ll spend twice as much, but you’ll live half as well.

  96. Libturd, can't say I didn't warn you. says:

    My epitaph is going to read, “He was fine until his company decided to open an office in Chennai!”

  97. Blue Ribbon Teacher says:

    Why don’t you buy another home and immediately increase your net worth by another $600k?

  98. 3b says:

    Samsung relocating a bunch of people in their Ridgefield Park/Teaneck office to Houston. Just saying.

  99. Fast Eddie says:

    I’d never relocate for another job. Boston would be the only possibility. Other than that, I’m here for good. Too much here to enjoy.

  100. JCer says:

    I’ll add my 2 cents. NYC is very vibrant and alive despite DeBlasio trying to destroy it. The suburbs have problems here due to ridiculously bad transit infrastructure and bad traffic. Between bad governance and high taxes NJ is no longer a good value prop in many locations. It seems relatively stable but not a great bet for growth at the moment and the pending pension/state budget fiasco will only make it worse.

    Leftwing nails the migration pattern. Property taxes at the Jersey Shore in the barrier island communities are VERY low(Avalon is something like 0.5% of assessed value), no schools or full time residents. My mother dumped her NNJ house with it’s taxes and took up Florida residency, saved a bunch of money in taxes. Comes up to the Shore in the spring and leaves in the fall.

    Also the majority rich people tend towards being frugal, it is largely how they became rich, most accumulated and invested. I laugh because in my family there tends to be an inverse relationship between the cost of one’s cell phone and how much money they have. My father in-law is the best, he has millions of dollars(at least 7m worth of farm land alone, and probably millions more in equities and bonds) and is the worlds cheapest man, his cell phone is some $50 chinese android phone that is 4 years old. The rich frequently complain about property taxes.

  101. PumpkinFace says:

    Can we finally all just stop feeding the troll once and for all?

    The Great Pumpkin says:
    May 1, 2019 at 11:55 am
    I look at the other way. I want a good professional job, and sorry, not every location has access to this. It’s very limited in other areas….aka you have to be lucky. I’ll stick to the location that has allowed me to build a net worth over a million by the age of 36….starting from nothing. I’m not working 24/7 either (truest statement ever), have a fabulous quality of life. Also, I had no financial support from my father (what about Nana?) throughout my life.

  102. The Great Pumpkin says:

    I don’t understand this mentality. It’s as bad as someone that’s out of control with their spending. I will never understand both mindsets. Both are broken in my opinion. Both misplace value. In the end, both are a waste of time in my opinion.

    It’s understandable that someone with this type of mindset would be angry with paying any type of taxes. Most of the time, everything is a waste of money to these people. They are much happier looking at the numbers go up in their bank account. They find no joy or value in spending it.

    “My father in-law is the best, he has millions of dollars(at least 7m worth of farm land alone, and probably millions more in equities and bonds) and is the worlds cheapest man, his cell phone is some $50 chinese android phone that is 4 years old. The rich frequently complain about property taxes.”

  103. D-FENS says:

    It’s getting harder to scroll past the pumpkin posts these days without getting carpal tunnel.

    also I like Florida

  104. The Great Pumpkin says:

    Troll? You might not agree with me, but my points are valid. You call me a loser, but I am the definition of the American Dream. So you support making America Great Again, but bash people that represent it.

    Cry about taxes instead of taking advantage of the opportunity your taxes present. Bias and perspective is a powerful thing.

    How many posters on this board tell the poor to stop complaining and do something about it. Take your own advice when it comes to taxes. Move to a lower tax state or a lower tax country. No one will miss you, you will be replaced. Ask tepper. Did your life change since he left? Did nj move on?

    I don’t cry about it, I look at the positive…..one less billionaire for me to compete with for some “dolla dolla bills ya’ll.” Bring it!

    PumpkinFace says:
    May 1, 2019 at 12:35 pm
    Can we finally all just stop feeding the troll once and for all?

    The Great Pumpkin says:
    May 1, 2019 at 11:55 am
    I look at the other way. I want a good professional job, and sorry, not every location has access to this. It’s very limited in other areas….aka you have to be lucky. I’ll stick to the location that has allowed me to build a net worth over a million by the age of 36….starting from nothing. I’m not working 24/7 either (truest statement ever), have a fabulous quality of life. Also, I had no financial support from my father (what about Nana?) throughout my life.

  105. The Great Pumpkin says:

    Yes, your kind of people….we already know this. You have a lot in common with them. Why don’t you move there instead of crying about democrats in nj?

    D-FENS says:
    May 1, 2019 at 1:02 pm
    It’s getting harder to scroll past the pumpkin posts these days without getting carpal tunnel.

    also I like Florida

  106. The Great Pumpkin says:

    You can have cheaper taxes, carry guns, and no democrats ruining your life….your key to happiness. You will also fit right in with the rednecks, def your kind of people.

    NOW THIS IS TROLLING

  107. The Great Pumpkin says:

    Let them leave….why would you follow a company across the country? That’s the definition of stupidity and asking to get played out by your company. Just asking for it….

    Instead, get another job (there are plenty) or start a business. Chasing a company across the country is the equivalent of chasing a girl across the country….you are playing yourself.

    3b says:
    May 1, 2019 at 12:08 pm
    Samsung relocating a bunch of people in their Ridgefield Park/Teaneck office to Houston. Just saying

  108. No One says:

    Libturd,
    Pretty good assessment of FL. I plan to someday live in one of the “cost-prohibitive” areas, probably on the gulf coast. And for just over 6 months out of the year, “snowbirding” out of FL for the five hottest months.

  109. D-FENS says:

    I just kinda like seeing mickey at disneyworld. sheesh

  110. JCer says:

    Lib, No One, FL is almost multiple states in one.

    Real Florida is the south and it is kind of scary, trailer parks, red necks, oppressive weather

    The Palm Beach county->Fort Lauderdale corridor within 15 miles of the ocean is really a colony of NY,NJ, and CT. My mom is in Palm Beach County, literally everyone is either from Jersey, LI, Westchester, or CT. Once you get beyond the gated golf communities it gets very rural and there are rednecks.

    You have the west coast of FL around Naples which seems to be predominately mid-westerners(Chicago, Michigan, Indiana).

    Miami is basically South America.

    6 Months is all you can take the summers are unbearable and even the spring can get ridiculously hot. The income tax situation attracts many, the property tax situation is not good in the nice areas. Labor situation is much cheaper, homes will be downright opulent in the wealthy areas. Don’t get sick down there, even the best hospitals are downright terrible compared to NY or NJ and if you get taken to one of the worse hospitals(there are many) there you are pretty much dead….

    My mother the Florida resident will tell you people in FL are either retirees, people avoiding taxes, people who couldn’t hack it in the real world(major cities), latinos, people who’s career depends on one of the aforementioned groups, and rednecks. She’ll tell you there are no normal working age Floridians as a result good luck trying to get anything done by people who aren’t stupid unless it is somehow related to wealth planning, cosmetic surgery or something else of that ilk.

  111. 3b says:

    It’s the amount of taxes paid vs what one received in return. For what we pay we should have the best of everything. It’s that simple.

  112. Libturd, can't say I didn't warn you. says:

    Exactly 3B. If you run the numbers, it’s abysmal how little you receive in return for your taxes. Same for County and State.

  113. Fast Eddie says:

    FED leaves the rate alone – inflation low – economy solid – jobs solid – Russian collusion hoax exposed… what do the Dems run on now? Feel good s0cial policies? Notice how the media outlets all over the net have Biden floating on cotton balls?

  114. joyce says:

    https://www.nj.com/politics/2019/05/george-norcross-influence-how-companies-and-allies-of-the-democratic-powerbroker-got-11-billion-in-tax-breaks.html

    Apologies for repeating myself, but these tax breaks are flatly unconstitutional. However, the supreme court won’t allow individuals to sue claiming they lack standing… and politicians are scum and won’t bring suits in the name of a State because they, of course, want to use these breaks for themselves and their cronies.

  115. The Great Pumpkin says:

    You just take it for granted. That’s why you mock NJ blue ribbon schools. You think it’s a scam because you see so many good public schools. I really wish you raised your kids in one of these low tax locations you seem to envy so much. Keep thinking there is no difference between a low cost and a high-cost location.

    “If you are in this class of citizen, 40,000 is nothing for the value of living in a beautiful home in a nice safe area. Don’t need to spend on security, the town is already over staffed with police. House has no chance of burning down unless you want it to. Don’t need to send your kids to private school, get access to an elite public school where your kids will be safe (they will have almost zero chance of being influenced by kids you don’t want your kid around). Did I mention you and your family will be extremely safe….value = priceless. But you take that for granted, right? Blind as hell to the value your tax dollars bring to your life or maybe just naive.”

    3b says:
    May 1, 2019 at 2:08 pm
    It’s the amount of taxes paid vs what one received in return. For what we pay we should have the best of everything. It’s that simple.

  116. The Great Pumpkin says:

    This the most densely populated state, yet people on here make claims that we don’t need so many police because it’s so safe. Do you know why it’s so safe, because we pay our officers. We don’t cheap out on safety. Try going to New Mexico and calling the police….good luck! In NJ, drive into a town where you don’t belong and see what happens…..flashing lights, but let’s take this all for granted and act like it just happens. You people are nuts.

    That’s why this state has no need for gun ownership…..it’s ridiculously safe. Guns just make it unsafe because we don’t need them for protection, it only puts guns in the hands of people.

    Northeast or coastal cali (if you have money) is the places to be. By far the safest for wealthy people to live in.

  117. The Great Pumpkin says:

    So you get stupid safe towns with no need for gated communities, along with top of the line public schools, and access to vast business and professional opportunities with more than enough to go around, and we bash this? Are you insane? Tax dollars well spent.

    On schools alone, the savings is insane. So what if I have to pay 20,000 in taxes if my kid gets access to a free top of the line education? I’m making out. Go to a low cost location, but have to pay private schools, upgrade to gated community, and then pay for the security of the development. Then pay for garbage and fire protection. Before you know it, what the hell did I save? I’m also nowhere near as safe as I would be in the northeast.

  118. The Great Pumpkin says:

    I just love it, everyone bashes jersey, but then like total cheap a$$es, they setup residence in florida to escape the tax bill, but still come back up to rip off everyone else on the services being used for half a year. Greedy scumbags. Hate jersey so much, but keep coming back! Makes sense.

  119. The Great Pumpkin says:

    Did they setup shop in florida because they can’t afford it? Nah, just because they are obsessed with getting over on everyone else that can’t do the same. This practice should be outlawed. You can’t live here for a month, and then claim residence in another state… go live in your new residence year round. Own it!!

  120. joyce says:

    Remember when you used to say a couple of years ago if this economy is so rock solid it can withstand higher interest rates?

    Fast Eddie says:
    May 1, 2019 at 2:40 pm
    FED leaves the rate alone – inflation low – economy solid – jobs solid – Russian collusion hoax exposed… what do the Dems run on now? Feel good s0cial policies? Notice how the media outlets all over the net have Biden floating on cotton balls?

  121. The Great Pumpkin says:

    Joyce, have the rates gone up or down since he said that? So he was right. Of course, people react to rate increases like taxes….babies. They overreact and act like it’s the end of the world when clearly it’s not. If you would have taken human emotion out of the rate increases, the economy would have easily handled it.

  122. chicagofinance says:

    The only Men’s Lacrosse Tournament where all players receive a happy ending courtesy of the field sponsor….
    https://ivyleague.com/news/2018/11/29/2019-ivy-league-mens-womens-lacrosse-tournaments-headed-to-big-apple.aspx?path=mlax

  123. leftwing says:

    Joyce, very well written and researched article. TY.

    Had to go back two or three times to confirm it was nj.com…lol.

  124. leftwing says:

    chi, lol, surprised our brightest SJWs haven’t already stripped off his name

  125. 3b says:

    Unlike you I speak from experience. My children went to Blue Ribbon schools k to 12. Did they get a good education? Yes did or does the blue ribbon make a difference in my opinion no. It’s hype. It may be reflective of the general decline in American educational standards but we pay more here because we supposedly get more we don’t. I speak from experience you speak out of your behind. Unlike you I have traveled all over the country and have friends and family all over the country and their children received equal to and in many cases superior educations vs what we pay for here. As for services they have declined over the years yet the taxes have skyrocketed. I speak from experience you speak out of your behind. As for police there is absolutely no need for 70 odd separate police forces plus a county force in Bergen co. There are many places throughout the country that are as safe or safer that provide excellent police services at a much lower cost.

  126. The Great Pumpkin says:

    3b,

    Enough, stop talking out of your a$$. Puts blue ribbon schools down, then gives little respect to nj education system, and then goes on to say these other locations offer superior education. Are you trolling me, or being serious?

  127. The Great Pumpkin says:

    Lib and jcer….awesome breakdowns of Florida. This is why the realtors try to keep hush hush and focus on tax savings/sunny weather. They leave out the goodies. I’ve been to every section of Florida and these write ups are dead on.

    Love the people who go to Florida on vacation and are convinced it’s the greatest place. I tell them that you never lived there.

    Growing up, I would spend a month or more living there. What’s changed? More dirtbags combined with more traffic. F that place unless in the wealthy areas that make nj look cheap.

  128. The Great Pumpkin says:

    Perfect example of the private sector corrupting our govt. Now you see how you are getting robbed? It’s not the police, teachers, or other regular govt employees, it’s private sector leeches sucking us dry.

    Finally, some good journalism.

    “Brilliant expose on the Norcross machine’s self-dealing by the NY NPR station!

    The billions of dollars going into the pockets of Norcross and his cronies are coming out of our taxes and could be paying for our children’s schools and our broken roads and infrastructure or our starved social services.

    “Norcross and his associates have reaped substantial benefits from the tax breaks. Of the $1.6 billion in tax breaks for companies that agreed to make a capital investment in Camden, at least $1.1 billion went to Norcross’ own insurance brokerage, his business partnerships and charitable affiliations, and clients of the law and lobbying firms of his brother Philip, an investigation by WNYC and ProPublica found.

    Camden reaped more than four times as many tax breaks as the combined amounts of other cities designated as “growth zones,” according to data from the New Jersey Economic Development Authority.

    Many of those benefits are a direct result of state legislation that Norcross was instrumental in getting passed in 2013. One influential lawmaker remembered the bill as “George’s baby.” Philip Norcross helped draft key amendments in 2014, and brother Donald Norcross — then a state senator and now a member of Congress — co-sponsored the bill.””

    https://www.wnyc.org/story/nj-power-broker-center-tax-break-controversy/?fbclid=IwAR2BxrgWFVKvXM0906u2rutfHLaRH_JeLwqZAy8n_0IKmMhUd5wa4ACh3Ac

  129. chicagofinance says:

    By Melissa Korn and Jennifer Levitz
    Updated May 1, 2019 4:10 p.m. ET
    A family from China paid a college counselor $6.5 million for help securing a spot at Stanford University, and connected to the counselor via a Morgan Stanley employee, according to a person familiar with the matter.

  130. chicagofinance says:

    left: Interesting about the FASB stuff. I am somewhat at a loss why they would want to consolidate if there is no ownership. It almost sounds like something akin to a capital lease. Substantial control = 100% ownership in substance but not form?

    Is this effectively that Rollup Co. wants reporting to reflect the way the business runs?

    Is just kind of seems fuct….

  131. chicagofinance says:

    left: heading here for Monday AM
    http://ibhf.cornell.edu/symposium.php

  132. chicagofinance says:

    May 7th is Slope Day….. LOL

  133. chicagofinance says:

    WRONG May 8th …. whew…

  134. Bystander says:

    Chi, you racist.

  135. grim says:

    In other Wayne news…

    Kering, parent company of luxury brands including Gucci, Brioni, Girard-Perregaux, etc.. is building out 460k square feet in Wayne and moving out jobs from NYC and Secaucus.

  136. The Great Pumpkin says:

    Another Subsidy, Another Tuition Hike

    I sympathize with the desire to help those in debt, but basic economics tells us that subsidizing a good or service pushes its price up even higher.

    In 2015 the Federal Reserve Bank of New York found that colleges raise tuition by 60 cents for every new dollar of subsidized loans they receive. Of course, this only increases the need for further loans and subsidies. Debt cancellation—an ex post facto subsidy—perpetuates the cycle. It signals to universities that they can charge more in tuition, and signals to college applicants that they can take on more loans, since all will expect the government to bail out students in the future.

    And consider the message debt cancellation would send to the last generation of college students: If you acted responsibly, making sacrifices to pay off your student debt, the joke is on you.

    Then, if you can bear it, consider the message it would send to the next generation.

    —Kevin Hoffman, Yale University, history

  137. 3b says:

    Once again your lack of critical thinking skills and reading comprehension is incredulous. In short you are a simpleton. I never knocked the schools good but overrated and the taxes don’t justify it. I have said that repeatedly but you are incapable of understanding that. As for blue ribbon they are especially overrated. Go and educate yourself on exactly what blue ribbon is and how it is determined. You of course won’t. As for Paramus it would appear to me it is an attempt to capture the urban scene and lure people there rather than NYC or JC. We will see how it works. A fake downtown located on two highways won’t cut it in my opinion. Not to mention the lack of jobs. One final point that your brain cannot seem to grasp is that it would also appear that Paramus officials may think the surburban ideal is dead and urban is the way to go. That would of course cause a reasonable person to assume the desire of the suburbs is and continues to decline. You being a simpleton cannot grasp that.

  138. leftwing says:

    Chi, enjoy, great time of year to be up there. Provided you don’t get snow flurries ;)

    On the other, the sector is DSOs. There are multiple reasons and benefits to all stakeholders for these organizations to exist, however, their structure can run afoul of straight up prohibitions on corporate practice of medicine.

    Reasonable accounting would consolidate as revenue the gross fees the companies effectively charge the individual medical llcs for the non-medical support services they provide, while expensing their direct costs of doing so. Instead, under the FASB ruling, they consolidate all the medical llc’s revenue – including treatment – even though they are specifically prohibited from providing and do not provide any medical services or have any ownership interest in the medical llcs or their fees. They are consolidating the medical llcs revenue and expenses in their own statements as if they owned them under the ‘substantial control’ provision of FASB.

    Brought it up in light of your article on the creative sales accounting at the ride share companies. Similar situation here I suppose. ‘True’ accounting would look less flattering – revenue would be dramatically lower. It would also show a red flag since the business would have unusually high margins. Both would potentially expose some risks that are otherwise buried…they are paying docs to ‘purchase’ practices when in fact they don’t and cannot own or control those practices, and if the medical llc were to walk there is very little recourse for the company…they cannot treat the patients of their presumed business, they don’t even have rights to the patient records.

    I saw a draft prospectus for one of these – never filed – and scratched my head trying to reconcile the corporate practice of medicine risk factors and the accounting disclosure. The latter is Exhibit 1 by any State AG looking to enforce the former. Probably a substantive reason why it was never filed.

  139. Juice Box says:

    Grim in Miami rustling up business.

    https://www.youtube.com/watch?v=E1o-NWNmQLM

  140. The Great Pumpkin says:

    Look at that…3b finally using his critical thinking skills. 👍🏻

    Ridgewood/Montclair style is the future here.

    “One final point that your brain cannot seem to grasp is that it would also appear that Paramus officials may think the surburban ideal is dead and urban is the way to go. That would of course cause a reasonable person to assume the desire of the suburbs is and continues to decline. You being a simpleton cannot grasp that.”

  141. The Great Pumpkin says:

    At least in the higher end. The mid and lower tier will continue to gravitate towards apartments.

    Poor or middle class won’t get to enjoy their own space in northern nj. Only rich will have single family homes with yards and a garage. This is the future of northern nj…only matter of time. Happening already before our eyes.

  142. 3b says:

    Pumps once again you fail miserably in the critical thinking skills department. It’s just so, so sad and pathetic. Really am back to ignoring you again.

  143. The Great Pumpkin says:

    I really hope someone took my advice on Apple when I was preaching to buy almost every day. What a killing.

  144. The Great Pumpkin says:

    3b,

    Time will tell who is correct. Till then, we agree to disagree.

  145. ExEssex says:

    Fascinating….something I assumed actually:

    California’s 2018 population growth was the slowest in state history, new demographic data show — underscoring shifting immigration patterns, declining birthrates and economic strains that are making it harder for some to afford living here.
    The state added 186,807 residents last year, bringing the estimated total population to 39,927,315 as of Jan. 1, according to estimates released by the state Department of Finance on Wednesday. The overall growth rate slipped to 0.47% last year from 0.78% in 2017, the slowest since data collection started in 1900, department spokesman H.D. Palmer said.

    Births in the state were down by more than 18,000 compared with the previous year.
    Ethan Sharygin, a demographer with the state, said researchers had expected to find a decline in the birthrate but were surprised to see such a large change. One reason for the shift, he said, is the decline in immigrants from Mexico paired with an increase in Asian immigrants.

    “The overall profile of immigrants to California is higher education, which correlates to lower fertility,” he said. “With native-born, we see a long-running trend throughout the U.S where fertility has been trending downward.”
    Perhaps the biggest force behind the change is higher education rates among women, Sharygin added. That broader trend historically has been masked by high immigration from Latin America, but that is no longer the case.
    “More education of women translates into later marriage, later childbirth and then fewer children,” he said.
    Dowell Myers, professor of demography and urban planning at USC, said the slow growth also was due to a lack of housing. A report this year by a public policy think tank found that California’s housing supply law hadn’t triggered enough new home building to meet demand.

    Source: LA Times

  146. The Great Pumpkin says:

    ““How did things ever get so far? I don’t know. It was so unfortunate, so unnecessary.”
    —Don Corleone, “The Godfather”

    I keep thinking about the dynamics the past few years between the president and what used to be called official Washington. That relationship is ugly and broken, but it could have been otherwise.

    Trump supporters have long held, and deeply believe, that none of the people in what they call the swamp were ever anything but unalterably opposed to him and meant, from day one, to remove him by whatever means possible.

    This was true of about half of official Washington. They were predominately Democrats, though there were Republicans too, and certainly the media were against him, overwhelmingly.”

    https://apple.news/AAtVUwyy5RuCn4U-6b-vXag

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