What to do about rich Russians buying NYC real estate? Asking for De Blasio.

De Blasio wishes he knew what to do, but he's only the mayor of NYC

New York Weekend Edition /
Oct.October 21, 2017 11:00 AM

New York City mayor Bill De Blasio has a problem he’s not sure how to fix.

On BuzzFeed News’ Friday morning show, Editor-in-Chief Ben Smith asked De Blasio how he feels about the world’s wealthy — particularly Russians — investing in New York real estate to clean their money. As TRD reported, Russian investment is picking up thanks to Trump’s presidency and local New York players are their fixers.

“Is that basically a gift to the city because you get some extra tax revenue?” Smith asked.

“I see Russian oligarchs as a problem,” responded De Blasio. (Cue slow clap.) The mayor went on to talk about Russian interference in the U.S. elections before circling back to respond directly to Smith’s question on how the city views investment from wealthy Russians in New York real estate with a shrug.

“It manifests here as people with a lot of ill-gotten gains buying a lot of property — I don’t like it one bit,” said De Blasio. “I wish I had a specific law or approach to address it.”

Live and let live seems to be the de facto approach now.

[BuzzFeed News] — E.K. Hudson


Related Articles

arrow_forward_ios
26 Bank Street and Connie Milstein (Google Maps)
Connie Milstein’s $20M West Village townhouse tops Manhattan contracts
Connie Milstein’s $20M West Village townhouse tops Manhattan contracts
(iStock)
Drop in home refinancing crimps mortgage firms’ profits
Drop in home refinancing crimps mortgage firms’ profits
Douglas Elliman's Scott Durkin and Connie Mui-Reilly (Douglas Elliman, iStock)
Elliman launches portal to streamline agent resources
Elliman launches portal to streamline agent resources
WATCH: How viral videos helped build this real estate agent’s business
WATCH: How viral videos helped build this real estate agent’s business
WATCH: How viral videos helped build this real estate agent’s business
The reopening of NYC has created a surge of demand for apartments. (Getty)
Reopening sparks signs of a real estate rush
Reopening sparks signs of a real estate rush
The Montana property with director Robert Redford and star Brad Pitt. (Getty, Swan Land Company)
“A River Runs Through It” Montana ranch lists for $136M
“A River Runs Through It” Montana ranch lists for $136M
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
FiDi condo supply is through the roof as workers delay office return. (Getty)
FiDi condo glut is through the roof
FiDi condo glut is through the roof
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...