All Forum Posts by: Pat L.

Be careful.

Not in Chicago but we bought a MF & did the proverbial due diligence & visit to the town Bldg Insp., dept., & we were told all is OK. Then 12 months after closing we were told by the same mutt that he had dug up from the archives 14 permits for added units that had not been signed off. 

So he wanted to do a complete unit by unit inspection. He was the proverbial (expletive) PITA & we were eventually given the OK after some major $$$ code upgrades etc etc. But not before he threatened to shut us down & force evictions then he called weekly for updates & inconvenient meetings on the compliance issues. 

We just had visit from the NEW Bldg Inspector because a small FARM utility trailer was parked ON GRASS behind the building (we have 5 acres) & not a paved area. He then informed me that our property file was the largest he has ever seen.

I remember my nephew dressing down like a bum to get through the Occupy Wall St gauntlet, then showering/changing at his offices for the day. Yet that still did not deter him from the drug of NYC life. Then came that moment of clarity, the pandemic hit & they experienced living for a year on the water on Longboat Key. Now it's the quality of life, not the 60-70 hr weeks with the lure of a chance to 'move up'. 

My niece left an excellent career in DC for many of the same reasons. Oppressively small, expensive 600sq ft apartment, horrendous traffic & ever increasing unabated street crime. Now she's up here working from a 4000 sq ft home, consulting for the same company 3 days a week & no travel. 

"Perhaps you are correct, it will be a Progressive's Shangri-la...."

You nailed it !!!

'Click bait' or just an idle threat, BUT the impact of this level of 'progressive' taxation would/SHOULD be the final incentive to bail.

"...Top New York firms that toughed it out through the pandemic are now considering packing their bags over $7 billion in proposed new state taxes. At least 20 finance and tech companies are already poised to leave for sunny, low-tax Florida, said Kathyrn Wylde, CEO of the business-backed Partnership for New York City...."

“While New York has remained a center of gravity for the financial industry, many employees of ‘Wall Street’ firms are migrating to Florida, Texas and other states with hospitable tax policies,” Stacey Cunningham, the president of the New York Stock Exchange, wrote last month in a Wall Street Journal op-ed.

https://nypost.com/2021/03/20/...

In fact my ex-NYC-FL-based nephew, who works for one of these financial behemoths, is already poised to set up a 'satellite' office as per a corp request. Two years ago our youngest was sent to Scottsdale AZ to do the same for several (same owner) NYS corporations to avoid crippling NYS taxation & they effectively ceased work in NYS.

This was a very interesting, unique, in-depth personal article (given that it's the proverbial  'click bait' read)...I honestly think he has an intuitive understanding of what NYC lost & what it will recover into...

https://nypost.com/2020/08/17/...

On Wednesday, one of America's corporate titans, Ford Motor Co., supplied its own answer: It told about 30,000 of its employees worldwide who have worked from home that they can continue to do so indefinitely, with flexible hours approved by their managers. Their schedules will become a work-office “hybrid”: They'll commute to work mainly for group meetings and projects best-suited for face-to-face interaction.

https://www.radio.com/wben/new...

@Patrick M.

"@Pat L. Their net worth has sky rocketed and their risk of stress related illness has vanished. Naples is amazing - their arts and culture is thriving!"

You bet... in fact they couldn't wait to establish residence in (no state income tax) FL. The family joke now is that their new boat is probably larger than their old very $$$$ 1-bed Manhattan Apt., & the rear deck of the boat is 3x the size of their old Apt., balcony. 

Now they catch & eat their own fresh fish, instead of the NYC 4 sushi rolls for $35 with $15 martini's. How could you ever go back ??

@Patrick M.

So I just asked my nephew if they miss NYC & the lifestyle, would they return. 'Not at all", as they are busy touring homes to buy in Naples.

He sent me this pic of them together @ Happy Hour ... "life's a beach' !!

BINGO....sign of the times ???

JetBlue weighs moving NYC jobs to Florida…

Even “New York’s hometown airline” can’t escape the allure of sunny Florida.

JetBlue, currently headquartered in the Long Island City neighborhood of Queens, is exploring its office options in the wake of the pandemic — a move that could see it ship more corporate jobs to the Sunshine State.

https://nypost.com/2021/03/16/jetblue-weighs-moving-some-nyc-jobs-to-florida/

Best to assume they will be required, because retrofitting after a major rehab will be a nightmare. 

We have a 60's era MF that was OK until a large apartment building in the town caught fire (cigarette into the garden mulch). Then all local MF buildings had to be inspected & brought up to new fire codes & at the time the Bldg Insp., adhered strictly to IRC2018.

However, our Town allowed me to design, build & install the entire system throughout the building. But we also had to have a Commercial Architect on board to complete the drawings, design specs, document the system components & the specific convoluted areas requiring fire sprinkler coverage. Then the Fire Chief went through to sign off on it as well as confirm the installation & testing of a 24/7 1st responder monitoring fire alarm system ($90/month).

I certainly learnt a lot & we got it signed off. Total Cost was materials only as the Architect was a pt of my wife's so he didn't charge us for his time.