Originally Posted by
Crovash
My observation centered more around the fact that these are not primary residences — rather they are escape pods for the rich. They’ll keep their Upper East Side co-op but purchase a second home up here to get away when necessary. My local real estate people say that business is booming here in Connecticut as the wealthy New Yorkers have a place to go when they feel like fleeing the city.
What does that do?
1. Prices go up and some locals get forced out.
2. These are generally not community-minded people. They are here literally “to vacate” — when it is convenient.
3. Lots of them are jerks. Workers at our small, family-run market, for instance, have told me that they are sick and tired of these people’s sense of entitlement.
Some locals are fighting back, proposing a significant property tax surcharge on homes that are not primary residences. Good luck with that when they haul in their corporate law teams.