A Fox Business report written on Dec. 9 says "Home sale activity next year may reach the lowest point since the early 1980s as households buying or selling real estate retreat from the market."
In a parallel story, on Dec.15, Fox Business published that in Democrat-led cities, luxury condo prices are tanking. Why? "Rampant drug use and crime issues in the city."
Manhattan apartment sales fell 18% in the third quarter. As per a Bloomberg article published on Oct. , an equally grim forecast is predicted for Manhattan. "Sales of co-ops and condos dropped 3.7% in the third quarter from the previous three months and more than 18% from a year earlier" says appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate."
Paging all New York City homeowners, here's your chance to fight back.
If one trips on the sidewalk, gets his or her foot caught in a crack, and ends up breaking a nose, he or she can get a lawyer on contingency and sue the city. For example, Al Sharpton's daughter sued the city in April 2015 for $5 million after she claimed to have "severely" injured her right leg on the pavement. She was awarded $95,000 by the city. A personal injury attorney who asked not to be identified noted: "For a sprained ankle they paid $95,000? Sounds like a f**king de Blasio administration settlement to me. It's really worth about half that, not even, maybe $25,000 or $35,000."
The point is: the city, tort lawyers, and insurance companies have created a cottage industry that Capitalists must exploit. Not only to recoup their real estate investments that have been intentionally devalued by Democrats, but also to ensure that the Democrats stop ruling in ruinous ways.
It's time to expand the personal injury lawsuits to property damage as an extension of the free market of litigation.
In fiscal year 2021, 10,618 claims and lawsuits against New York City were resolved for $933.7 million. New York City Comptroller Brad Lander released the Annual Claims Report and gives breakdowns of personal injury and property damage claims. "These include motor vehicle, civil rights, and police action claims, as well as non-tort claims, such as contract claims and special education claims, filed against the City with settlement costs paid by the City in the covered fiscal year."
Lander goes on to crack the code. He says: "Our office's Bureau of Law and Adjustment works hard every day to settle viable claims filed against the City prior to litigation, which saves both the City and the claimant the costs of litigation. Our Annual Report on Claims takes a data-driven approach to analyzing claims, settlements, and judgments so we can reduce the harm to New Yorkers and the amount the City pays out â€" because every dollar we spend on settling claims or judgments for harm done is one we can't spend on services or investments that help New Yorkers."
This last sentence is the key that picks the lock, though naturally Lander has it all wrong. He maintains that settlements detract from the city's financial ability to help residents. We've gotten a front row seat to how the city "helps" residents and it is right on a plane to Florida.
What Landers says that is the whole kit and caboodle is this – the city won't be able to fund the flood of litigants and will break. There is a class of people that contribute to this city by buying homes, renovating them, and improving the real estate value of the community. These people are having taxes raised, insurance premiums raised, and services cut so that the city can fund exaggerated or bogus claims. The city has already set precedent for settling "viable claims" impacting "property damage." Homeowners have yet to expand the scope of "viable claims to property damage" with regard to their real estate devaluation on account of intentional and depraved Democrat policies.
Mayor Adams, City Council, and Manhattan DA have unleashed hell on homeowners. From defunding police, ripping down jails, "shelter dumping" in prime zip-codes, courting illegals, allowing homeless encampments, making drugs aspirational, and refusing to prosecute, they have intentionally caused irreparable damage to property value. Mayor Adams just went on record to say, "basic services will be cut" so he can use taxpayers' money to fund illegals. What will not be cut are our taxes – they will be raised.
The only way to stop the Democrats is to make them pay. Pay through the free market of litigation. Their own tool of choice in gooching property value.
Since New York City is in the business of settling lawsuits for falling down sidewalks, let's put them in the business of settling lawsuits for willful destruction of real estate.
The city has seen its tax base flee the rules and regulations that have led to civic breakdown. A Redfin report says that "New York is third behind San Francisco and Los Angeles for the most homebuyers looking to leave."
Between April 2020 to June 2021, 350,000 taxpayers have left. The city hasn't released 2021 to 2022 numbers but based on families not reenrolling in school, we know outmigration has continued. The city is confusing the numbers, saying people are coming to New York City – yes, the illegals.
If enough homeowners in the five boroughs sue for damages, the city will be forced to act responsibly and do its civic responsibility. Why? Because money is the only thing that matters. Going woke has broken company after company because the free market rejects what they push. Let's break the company of New York City to force them to govern responsibly.
See ORIGINAL STORY at HumanEvents.com
