This week, New York residents stormed one of the most luxurious residential towers in New York City, One57, with… floaties?
Turns out that through the miracle of sloppy policy making and handouts to developers – in the form of a program called 421-A – working New York City residents have been giving up to 95% tax breaks (designed for low income housing) to billionaires buying $100 million dollar penthouse apartments!
And the kicker? A lot of the people buying these apartments are foreign investors just adding a practically tax free multi-million dollar item to their portfolio. They’ll never even live there!
In a city that needs real affordable housing, it’s unconscionable that working people are paying for someone else’s luxury digs, so obviously it only seemed fair that some of these working and middle class people get to enjoy some of the fruits of the subsidy they paid for. Enter the floaties!
Hundreds of New Yorkers arrived at One57 yesterday to take a dip in the pool.
Outside of NYC, thousands of folks were using social media to stand in solidarity, uniting under the hashtag #subsidizemypenthouse.