Tuesday, February 17, 2015

Pop quiz of the day

What lurks beneath the surface is ripe for another New York Story. The recent explosion of wealthy individuals who own homes in New York City, yet do not live in New York City is a fascinating phenomenon. "The New York Real Estate Market is now the premier destination for wealthy foreigners with rubles, yuan, and dollars to hide," wrote Andrew Rice in New York magazine. "More and more," wrote Katherine Clarke of the Daily News, "international business magnates, wealthy heirs and new rich tech moguls are snapping up palatial homes in New York, renovating and redesigning them at a cost of millions, and then leaving them vacant almost all year. Last week, the New York Times wrote an extensive exposé on the great lengths that some of this individuals go in order to get a bite of the Big Apple.

One must wonder: how many of Manhattan's 1.3 Million residents actually live here? When we see something like this, the answer may not be so simple.





Question: The owner of this multi-million dollar townhome is either

    a) On vacation.
    b) Someone who lives in Los Angeles but thinks he is above staying in hotels when he travels.
    c) A Russian oligarch who is trying to cheat on his taxes.
    d) A lonely old man who has crept inside his refrigerator for comparative warmth.

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