Connect with us

Northeast

Mamdani’s rent freeze, tax hikes a ‘one-two wealth destruction punch,’ economists warn

Published

on

Mamdani’s rent freeze, tax hikes a ‘one-two wealth destruction punch,’ economists warn

NEWYou can now listen to Fox News articles!

New Yorkers could be facing a “one-two wealth destruction punch” if Mayor Zohran Mamdani’s rent freeze and tax hikes take effect, economists warn.

Mamdani’s housing plan, a campaign promise aimed at addressing affordability, includes an immediate freeze on roughly 2 million rent-stabilized apartments. Separately, his broader $127 billion budget agenda calls for higher taxes on wealthy residents and corporations, as well as a potential 9.5% property tax increase if state lawmakers decline to act.

In the nation’s largest city and a global financial center, the outcome of Mamdani’s proposals could shape not only the future of New York’s housing market, but also broader debates over regulation, taxation and urban policy.

New York City Mayor Zohran Mamdani placed affordability at the center of his campaign to lead the nation’s largest city. (Angelina Katsanis/AFP/Getty Images)

Advertisement

Edward Pinto, senior fellow and co-director of the AEI Housing Center at the American Enterprise Institute, said capping rent increases while raising property taxes would pressure landlords from both directions, reducing revenue while increasing expenses.

“This would be a one-two wealth destruction punch,” Pinto told Fox News Digital. “The rent freeze would drive multifamily property values down and the increase in property taxes would drive both multifamily and single-family values down,” he said.

That, he warned, could ripple across the housing market, affecting not only landlords, but also homeowners whose property values are tied to broader market conditions. He also said the policies could discourage new housing construction and lead landlords to defer repairs and improvements.

“At the same time, the construction of new supply would contract, and property upkeep would diminish as repairs are deferred and improvements are not made,” Pinto said.

CONSERVATIVE STATES SEE LOWER INFLATION THAN LIBERAL ONES NATIONWIDE, WHITE HOUSE DATA SHOWS

Advertisement

Economists warn that Mamdani’s housing proposal will exacerbate affordability issues in the nation’s largest city. (Spencer Platt/Getty Images)

Expanding on that argument, E.J. Antoni, chief economist at the Heritage Foundation, said the risks extend beyond property values and could ultimately reduce the city’s housing supply.

“Economists — whether they are on the right or on the left — essentially are in universal agreement, that when the government implements price controls in the rental market, you end up with housing shortages,” Antoni told Fox News Digital.

“And not only do you end up with fewer housing units available, but the quality of those units consistently goes down as well,” he added.

Emily Hamilton, the director of the Urbanity Project at George Mason University’s Mercatus Center, echoed similar concerns with Mamdani’s housing policy platform.

Advertisement

“It’s going to exacerbate the city’s housing quality problems that the current rent stabilization law is already exacerbating. A rent freeze would just make that worse, and ultimately will contribute to the reduction in the supply of rent-stabilized units,” she said.

Mamdani, who made lowering costs for New Yorkers a cornerstone of his campaign, has also proposed building 200,000 affordable rental units. Hamilton said that portion of the proposal could be more promising.

FROM FREE BUSES TO CITY-OWNED GROCERY STORES, HERE ARE MAMDANI’S KEY ECONOMIC PROMISES

With billions of dollars and millions of renters at stake, the outcome of Mamdani’s plan could shape New York City’s property landscape for years to come. (Spencer Platt/Getty Images)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Advertisement

She explained that the passage of the 1961 Zoning Resolution made it difficult to add real estate in New York City, which contributed to an affordability problem and a push to regulate rents. 

“It’s regulation on top of regulation, rather than addressing the root cause of housing undersupply and just making it easier to build housing of all types at all price points,” Hamilton said.

Mamdani’s office did not reach out to Fox News Digital’s request for comment.

With billions of dollars and millions of renters at stake, the outcome of the debate could shape the city’s property landscape for years to come.

Advertisement

Related Article

Mamdani plan pours millions into ‘racial equity’ offices and six-figure diversity jobs, cuts 5,000 NYPD jobs

Read the full article from Here

New York

Man Convicted of Running Illegal Police Station Tied to China’s Government

Published

on

Man Convicted of Running Illegal Police Station Tied to China’s Government

A man accused of running a secret police station in Manhattan at the direction of the Chinese government, using it to report to Beijing on political dissidents, was convicted of illegally working as a foreign agent on Wednesday.

Lu Jianwang, federal prosecutors in Brooklyn said, opened the station with the goal of helping Chinese citizens renew their driver’s licenses while living in America. But a far more sinister aim, they said, was running the outpost as a hub to monitor outspoken critics of the Chinese Communist Party.

Mr. Lu, an American citizen also known as Harry, was accused of aiding China’s campaign of transnational repression by opening an illegal police station in Manhattan’s Chinatown neighborhood.

Mr. Lu, 64, who wore an American flag pin on his suit during the trial, did not react as the verdict was read aloud. He was supported by dozens of members of a group linked to his hometown in China.

He was “in lock-step with what the Chinese government asked him to do,” Antoinette N. Rangel, a federal prosecutor, said during her closing argument on Tuesday.

Advertisement

After a full day of deliberations, a jury found Mr. Lu guilty on one count of acting as a foreign agent and another of obstructing justice. He was acquitted of conspiring to act as an agent of China.

Dozens of Mr. Lu’s supporters from his church and his Chinese community organization packed the courtroom. One supporter pumped her first as the verdict on the first charge, not guilty, was read aloud, but struck a somber tone after the guilty verdicts. Mr. Lu did not change his expression.

Mr. Lu had been “held accountable for blatantly disregarding the law and our country’s sovereignty,” Joseph Nocella Jr., the U.S. attorney in Brooklyn, said in a statement. He added that his office would protect the rights of those “seeking freedom from repression and speaking out to bring democracy, reform and human rights to China.”

Mr. Lu, along with Chen Jinping, was arrested in April 2023. Mr. Chen pleaded guilty to working as an unauthorized agent of China in December 2024.

Mr. Lu was the president of the American Changle Association, a Chinese community organization and social club for people from the city of Fuzhou, like Mr. Lu. Such groups have attracted scrutiny for their persistent efforts to influence New York politics, through methods such as harassing and threatening candidates with platforms seen as harmful by the Chinese government, at the behest of the Chinese Consulate.

Advertisement

Mr. Lu’s brother, Jimmy, had made donations to former New York Mayor Eric Adams, who spoke at the club during an event in September 2022, days before it was raided by federal agents. In July 2022, Jimmy Li, a congressional candidate with roots in Fujian Province, which includes Fuzhou, visited the clubhouse and was endorsed by a number of the group’s leaders.

The weeklong trial showcased the Justice Department’s long-running crackdown on what it calls a global campaign by China to harass, intimidate and repatriate its political dissidents. Prosecutors depicted Mr. Lu as a willing operative of the Chinese government, eager to deepen his longstanding ties with party officials.

They presented the jury photos of Mr. Lu mingling with government officials in China, text messages in which a Chinese security official asked him for information on a prominent pro-democracy activist, and expert testimony about China’s global efforts to quell dissidents.

But Mr. Lu’s lawyer, John Carman, described the case as overreach by federal prosecutors. During his closing statement on Tuesday, he said Mr. Lu had merely been trying to help his fellow community members, Chinese Americans of Fujianese heritage.

“This isn’t spy time,” Mr. Carman said. “This isn’t international espionage. This is license renewal.”

Advertisement

In January 2022, Mr. Lu began working with Liu Rangyan, an official at the Chinese Ministry of Public Security, who became his official handler, prosecutors said. They met and were photographed at the global rollout ceremony in China for the overseas police stations.

Ms. Liu, prosecutors said, had directed “every detail” of the Manhattan station, down to the type size, logo and spacing of a banner inside the station. She wanted Mr. Lu to track down an outspoken critic of Beijing who was living in California and had taken part in the 1989 Tiananmen Square protests.

“Just help me verify if this person exists,” Ms. Liu wrote, referring to the dissident.

On the second day of the trial, two F.B.I. agents dramatically unfurled the banner in front of jurors. It read “Fuzhou Police Overseas Service Station, New York, U.S.A.”

Prosecutors said Mr. Lu had aided the Chinese authorities beyond his work setting up the station. In 2018, he sent photos to another Chinese official of two members of Falun Gong, a spiritual movement that is banned in China.

Advertisement

Just as the F.B.I. searched the organization’s headquarters in 2022, prosecutors said, he deleted messages from the social messaging app WeChat from his phone, which amounted to obstructing justice.

Ms. Rangel said the station was “stopped early in its tracks.” Though Mr. Lu was not financially compensated for his work, he received “continued bona fides from the Chinese government,” said Carrie Crossmore, an F.B.I. agent who interviewed Mr. Lu.

But supporters of Mr. Lu said they thought he was being punished for work that was ultimately benign.

“Harry’s motives were pure,” Mr. Carman said outside the courthouse, standing alongside Mr. Lu. “His support was there because he’s helped a lot of people in his 45 years in America.”

Baimadajie Angwang, a former New York City police officer who was cleared of accusations that he had spied for China, sat with Mr. Lu’s legal team throughout the trial. Like Mr. Lu, Mr. Angwang said he was wearing an American flag pin on his suit to quell any notion that he was disloyal to America.

Advertisement

“We have to do things like this to prevent people from coming after us,” said Mr. Angwang, who also served in the U.S. Marine Corps.

Michael Forsythe contributed reporting.

Continue Reading

Boston, MA

Carjacking suspect killed by Boston officer had lengthy record with more than 17 criminal cases, court filings show – The Boston Globe

Published

on

Carjacking suspect killed by Boston officer had lengthy record with more than 17 criminal cases, court filings show – The Boston Globe


O’Malley shot and killed a suspect in a carjacking in March. The swift decision to prosecute has prompted outrage by the police union and law enforcement officials.

O’Malley, 33, has pleaded not guilty to manslaughter for the death of Stephenson King, 39, who was shot March 11 while he allegedly tried to flee a traffic stop in a stolen car. Prosecutors determined that O’Malley had no justification for shooting at a moving vehicle.

“It is disappointing that the Suffolk County District Attorney’s Office is choosing to second-guess an officer whose only goal was to protect the public,” O’Malley’s lawyer, David Yannetti, said in an email to the Globe. “We will continue to vigorously defend this officer and this case.”

“The main issue in this case will be who the aggressor really was and whether Officer O’Malley acted in lawful defense,” Yannetti wrote in court filings.

Advertisement

On Wednesday, Yannetti filed several defense motions in the Roxbury division of Boston Municipal Court, in an effort to illustrate “King’s mayhem and reign of terror,” spanning nearly two decades and resulting in more than 17 criminal cases across Massachusetts, court records show.

Over the years, King has been charged with strangulation, assault and battery with a dangerous weapon, carjacking, breaking and entering, gun charges, and resisting arrest, according to court filings.

At the time of his death, King was free on bail for at least three separate felony cases, and had active warrants for his arrest, court records said.

O’Malley is seeking King’s mental health, criminal, and court records from all of his past cases, recordings from police body-worn and dash cameras, the medical examiner’s file on King, along with statements taken from O’Malley and witnesses at the scene of the shooting.

O’Malley told investigators that when he shot King he feared for his own life and for the life of another office on the scene, believing his colleague was about to be run over.

Advertisement

Police had pursued King after he allegedly committed a carjacking outside a pizza restaurant in Boston’s Mission Hill neighborhood. About 15 minutes later, officers stopped the stolen car less than a mile away, at Linwood Square in Roxbury.

The driver ignored “multiple verbal commands” as officers approached and tried to drive away, police said.

King opened the car window, but did not turn the vehicle off. O’Malley drew his Taser and shouted, “Bro, I’m going to [expletive] shoot you,” the police report said.

That’s when King backed into the cruiser behind him, then maneuvered the vehicle forward and back “in an attempt to escape the police,” according to the report.

As King started to drive forward again, O’Malley fired three shots through the driver’s window, striking King, the report said.

Advertisement

King’s family has contended that he was experiencing a mental health crisis in the hours leading up to the deadly encounter.

In court filings, O’Malley’s lawyer, Yannetti, said King gave “O’Malley no choice that night.”

“Any suggestion that this shooting was precipitated by simply a ‘mental health crisis’ completely misses the point,” Yannetti wrote. “When facing an extremely dangerous threat, there is no time for a police officer to hold a counseling session on the street or to sit down to discuss the feelings of a menace who is intent on using a motor vehicle as a deadly weapon.”

“If a man is going to assault and carjack an innocent woman then threaten the lives and safety of the public and a police officer, that man needs to be stopped — whether he is in his right mind or not,” according to O’Malley’s motion.

O”Malley’s next court date, a probable-cause hearing, is scheduled for May 21.

Advertisement

Tonya Alanez can be reached at tonya.alanez@globe.com. Follow her @talanez.





Source link

Continue Reading

Pittsburg, PA

Gas prices stressing budgets of Pittsburgh-area first responders

Published

on

Gas prices stressing budgets of Pittsburgh-area first responders


Gas prices continue to sit near the $5 mark for the better part of the Pittsburgh region. Not only is it impacting people’s wallets, but it’s also hitting the bottom lines of first responders’ operations. 

While gas prices are not impacting day-to-day operations, budgets are always tight, and if prices stay high, it could have some long-term impacts. First responders say they’ll still come when you call 911, so there’s no need to panic, but there is some concern behind the scenes. 

“We can’t charge more for our services. The only way to weather the storm is to become more efficient,” Regional Emergency Support Quick Response Service director Mike Gallagher said.

RESQRS said gas is normally about $2,500 to $3,000 a month. From March to April, it was $5,500. The ambulance they wanted to get this year is now on hold as costs go up.

Advertisement

“It definitely has affected other parts of the business and how we operate,” Gallagher said over Zoom.

It’s the same for volunteer firefighters. Southern Allegheny Valley Emergency Services had its bill go from $300 to $400, up to $1,000 last month. This price spike was, of course, never anticipated when making the budget last year.

“It absolutely wasn’t. We just have to take money from other things and reprioritize,” SAVES fire chief Mike Daniher said.

Medic Rescue in Bridgewater, Beaver County, covers that county and takes patients to Wexford and Pittsburgh hospitals. They easily rack up hundreds of miles a day driving. Insurance doesn’t cover gas spikes, and fuel reimbursements are set from the prior year.

“I don’t see how it would be sustainable in the long term without some changes in financing,” Medic Rescue director of operations Bill Pasquale said.

Advertisement

An immediate impact for many services is putting new equipment on the back burner. While grants can be used for that, there’s no guarantee it’s accepted.



Source link

Continue Reading
Advertisement

Trending