Connect with us

Politics

Apartments Sales In NYC Collapse 25% Q4 As Trump Tax Bill Effects Potential Buyers

Published

on

(Via Zerohedge)

Apparently the combination of a massive flood of excess supply in the form of new luxury developments and a Trump tax plan that penalizes people living in expensive cities by capping SALT, mortgage interest and property tax deductions was simply too much for the Manhattan real estate market to ignore in 4Q 2017. As Douglas Elliman points out in their new Q4 2017 Manhattan Market Report, both prices (-9.4%) and volumes (-25.4%) of New York City apartments collapsed sequentially in Q4 as potential buyers took a pause amid the growing uncertainty.

Sales activity for the Manhattan housing market was at the lowest fourth quarter total in six years. The pace of the fall market noticeably cooled as market participants awaited the housing-related terms of the new federal tax bill. This translated into a decline in year over year closings for the final quarter of the year, although contract volume showed an uptick.

There were 2,514 sales to close in the final quarter of the year, down 12.3% from the prior-year quarter. The decline in sales allowed listing inventory to rise after declining year over year for the past few quarters. There were 5,451 listings at the end of the quarter, up 1.1% from the same period a year ago. As a result, the absorption rate, the number of months to sell all inventory at the current rate of sales slowed, rising to 6.5 months from 5.6 months in the year-ago quarter.

Listing discount, the percentage difference between the list price at the date of sale and the sales price, was 5.4% up nominally from 5.3% in the prior year quarter as sellers continued to travel farther to meet the buyer on price. Buyers continued to hold firm, forcing sellers to meet them on price.

Days on market, the average number of days to sell all apartments that closed during the quarter rose 3.2% to 97 days from 94 days in than the same period last year.

New development active listings and resale listings were up 0.7% and 1.2% respectively over the same period. With the nominal rise in supply, there was also a nominal decline in bidding wars, still accounting for 11.7% of all sales in the quarter, down 0.9% from the same period last year.

Not surprisingly, Pamela Liebman, the president of New York real estate broker The Corcoran Group, attributed the pause by Manhattan buyers to the tax bill and said that folks are increasingly convinced that prices peaked in 2017 and may continue to be under pressure.


“We lost a lot of deals in the fourth quarter, while people waited to see the outcome of the tax bill,” she said. “Now that the uncertainty is gone they will be able to make a decision.”


She said buyers were active but “focused on value and reasonable pricing.”


“The good news is there are a lot of buyers who are ready to purchase next year,” Ms. Liebman said. “Sellers who don’t overshoot the mark should do well.”

Of course, the fact that Manhattan real estate prices are coming under pressure should come as little surprise as we noted the following interactive map from ATTOM Data Solutions last week which perfectly illustrated just how concentrated mortgages over $750,000 are in a handful of expensive cities like New York and San Francisco.


Among 2,022 counties included in this analysis and at least 50 home purchase loans so far in 2017, those with the highest share of loan originations above $750,000 were New York County (Manhattan), New York (63.8 percent); San Francisco County, California (58.0 percent); Nantucket County, Massachusetts (57.3 percent); San Mateo County, California (55.2 percent); and Marin County, California (50.o percent). Among those same 2,022 counties, those with the highest number of purchase home loan originations above $750,000 so far in 2017 were Los Angeles County, California (9,197); Santa Clara County, California (5,543); Orange County, California (4,450); Maricopa County, Arizona (3,723); and King County, Washington (3,715).


Conclusion: Low-tax, cheap cost of living states (i.e. “Red States”) are suddenly starting to look a lot more attractive to liberal “millionaire, billionaire, private jet owners” in New York who aren’t so keen on “spreading their wealth around” as their rhetoric would have you believe.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

James Fishback Can Stop Byron Donalds From Stealing This Election

Published

on

James Fishback is the only candidate who can galvanize a real Florida First movement for the people. Byron Donalds is trying to steal the nomination like a thief in the night—money, endorsements, debate refusals, and institutional muscle—while the actual fight for ordinary Floridians gets sidelined.

Fishback, the 31-year-old fourth-generation Floridian and outsider, is running straight at the core problem: Florida is being priced out from under the people who live here. He is the only one treating that as the central issue instead of a talking point. Ban new AI data centers that drive up power and water costs while delivering almost nothing back. Stop private equity and corporate buyers from vacuuming up single-family homes so young families can actually own instead of rent forever. Eliminate property taxes on homesteaded homes for residents while leaving them on vacation properties and non-residents. Put Floridians first over donors, tech developers, and the permanent political class. That is what “populist” means here—ordinary people over the interests that treat the state as a product.

The energy is real. Young voters are showing up for him in ways the other campaigns cannot match. Campus events, packed small venues, early turnout among under-40s. They hear someone who sounds like he understands the cost-of-living pressure and the sense that the state is being sold out. No one else in the race is converting that frustration into a coherent Florida First agenda the same way.

Donalds has the Trump endorsement, the fundraising advantage, and the party machinery. He leads the polls. That is the reality. The way he is running is the problem. He refuses debates. The party set thresholds that only he meets so no official debate happens. Opponents get treated as illegitimate rather than answered. The strategy is clear: close the race with money and institutional power before the people-first argument ever gets a real hearing. That is how you steal an election in the dark—win the process while the substance never has to face the voters who are actually struggling.

Fishback is the only candidate forcing that substance onto the table. The rest of the field is counting on voters not noticing until the primary is already decided. The question now is whether Florida Republicans want a nominee who leads the movement for the people who live here, or whether they will accept the quiet, well-funded path that treats that movement as an inconvenience.

Continue Reading

Politics

Online Provocateurs Try to Sabotage America First, Nick Fuentes, & the Groypers

Published

on

There’s a familiar pattern on the online right. Someone builds something real over years — an audience, a coherent worldview, a network of young people who actually show up, a brand that survives deplatforming and institutional hostility — and then a new wave of operators appears to declare it illegitimate. They didn’t organize the events, endure the bans, cultivate the base, or hold the line when it was costly. They simply want the throne, or at least the right to tear it down for engagement.

That’s the story with the latest round of attacks on Nick Fuentes and the Groypers.

Fuentes did not inherit a ready-made audience or a friendly institutional lane. He built America First the hard way: livestreams that were repeatedly banned, campus activism that forced conversations the mainstream right preferred to avoid, a persistent focus on immigration, foreign policy realism, and cultural continuity that resonated with a generation of young men who felt the older conservative institutions had failed them. The “Groyper” label stuck because it described a real, identifiable cohort that kept showing up — at events, online, and increasingly in the pipelines of young Republican staffers and campus organizations. Even hostile outlets now admit the influence is measurable enough to worry about.

Building and maintaining that requires consistency under pressure. It requires continuing after payment processors cut you off, platforms exile you, and former allies distance themselves the moment the heat rises. It requires producing content night after night while the same critics who call it a “cult of personality” or “just streaming for donations” produce little of comparable durability themselves.

Contrast that with the new critics. Many of the loudest voices attacking Fuentes right now never constructed a parallel youth movement. They did not spend years turning online discontent into organized pressure. Some are lifestyle influencers or late arrivals who discovered the America First energy after it had already been cultivated, then decided the man who did the cultivation is the problem. Others are established conservative media figures who spent years ignoring or dismissing the concerns that Fuentes amplified, only to pivot into anti-Groyper moralizing once the numbers became impossible to ignore. Still others are former adjacent figures whose main contribution has been internal drama, fed accusations, and calls for people to abandon the only sustained effort in that space.

The charge that Groypers “haven’t earned the right to a movement” is particularly rich coming from people who have earned even less. A movement is not measured solely by formal PAC filings or official party titles. It is measured by whether people keep showing up, whether the ideas spread into institutions that once excluded them, and whether the core message survives repeated attempts to isolate it. By those standards, the record is clear: the people now declaring the project dead or illegitimate are usually the ones who never built a comparable alternative. They critique the architecture while offering no blueprint of their own.

What many of these attacks actually reveal is resentment at the existence of an independent pole. Fuentes and the Groypers represent a faction that cannot be fully managed by the usual donor class, media gatekeepers, or careerist influencers. That independence is treated as the real offense. If the movement can be framed as pure grift, pure online toxicity, or pure personality cult, then the hard work of building it can be dismissed and the energy redirected toward safer, more controllable channels — or simply dissipated through endless internecine fights.

Sabotage does not always look like open opposition from the left. Sometimes it looks like people on the same side of the broader cultural fight deciding that the one person who actually constructed durable infrastructure must be brought down so that no one else can claim leadership without their permission. The result is predictable: energy that could go into organizing, messaging, and institutional pressure is instead spent on purity spirals, fed-jacketing, and performative denunciations.

None of this requires treating Fuentes as above criticism. No political figure is. Tactical disagreements, questions about tone, or debates over prioritization are legitimate. What is not legitimate is the posture that says the only people allowed to speak about the future of the right are those who never did the unglamorous work of building an actual base that persists beyond a news cycle. The people who spent years creating something durable have more claim to it than the people who arrived later to declare it worthless.

Movements are not granted by committee or by the approval of competing influencers. They are earned by the people who show up when it is hard, keep producing when the platforms turn hostile, and refuse to dissolve when the internal knives come out. The new online critics have not done that work. They have not maintained anything comparable. Their primary contribution, in too many cases, is the attempt to dethrone the people who did.

That is not leadership. It is freeloading on someone else’s foundation while trying to knock the walls down.

Continue Reading

Iowa

Zach Lahn’s Win is a Populist Blueprint for America First Republicans

Published

on

In early June 2026, a sixth-generation Iowa farmer and political newcomer named Zach Lahn did something most consultants said was impossible. He defeated a sitting congressman, Randy Feenstra, who carried President Trump’s endorsement, in the Republican primary for governor. Lahn won a narrow but decisive victory in a crowded five-candidate field, capturing roughly 38% of the vote to Feenstra’s 37%. The establishment was outspent in key ways, outworked on the ground, and ultimately rejected by voters who wanted something different.

Lahn ran explicitly as an “Iowa First” candidate. That slogan is not marketing fluff. It is the state-level application of the same principle that animates the national America First movement: the people who live in a place, work its land, raise its families, and bear the consequences of policy should come before corporate cartels, out-of-state investors, foreign interests, and the permanent political class.

The populist core of the campaign

Lahn’s platform centered on concrete grievances that ordinary Iowans feel every day. Iowa has some of the world’s best farmland, yet family farms have been disappearing by the thousands. More than a quarter of Iowa land is controlled by out-of-state and foreign owners. A handful of companies dominate inputs. Cancer rates in the state rank among the highest and fastest-rising in the nation, a crisis Lahn and many farmers attribute in part to the chemical and industrial agricultural system. Young people continue to leave. Communities hollow out.

Lahn’s response was blunt: break up the monopolies, keep Iowa land in Iowa hands, prioritize family farms over Big Ag, demand accountability from corporations that treat farmers and families as numbers rather than neighbors, and make the state healthy again through cleaner food, water, and medicine. He accepted the first endorsement from RFK Jr.’s MAHA Action PAC and framed the fight as one against a rigged system that benefits special interests over the people who actually live there.

In his victory speech he drove the point home: nobody thought it could be done. They were outspent, opposed by the establishment, told to wait their turn. The people of Iowa answered that the state does not belong to the lobbyists, special interests, and corporate giants. It belongs to them.

This is textbook populism. It is not left-wing redistribution or right-wing nostalgia. It is the insistence that concentrated power—whether corporate, bureaucratic, or globalist—has extracted too much value from the productive majority, and that the remedy is to restore sovereignty to the people who actually inhabit the place.

America First is the governing principle

“Iowa First” is simply America First applied to a state. The same logic scales. A nation that refuses to put its own citizens, workers, borders, industries, and cultural inheritance first will eventually cease to function as a coherent nation. The alternative—treating the country as an open platform for capital, labor, and ideology from anywhere—has produced precisely the hollowed-out communities, eroded trust, and elite detachment that voters are rejecting.

Lahn’s win shows the political potency of this approach even inside a party that already claims the Trump mantle. Trump’s endorsement of Feenstra was not enough to overcome a candidate who spoke more directly to local economic pain, health concerns, and cultural continuity. Voters rewarded the candidate who treated the soil, the water, the family farm, and the next generation as inheritance rather than commodities. That is the same instinct that fuels resistance to open borders, endless foreign wars that drain American blood and treasure, trade policies that gut domestic industry, and institutional capture by interests that view Americans as interchangeable units.

The uniparty dynamic Lahn criticized—career politicians on both sides who protect the same corporate and institutional arrangements—exists nationally. When voters sense that the system is designed to extract from them rather than serve them, they look for candidates willing to say the system itself is the problem. Lahn did that on the issues that matter most to rural and working people in his state. The same dynamic operates everywhere elites have insulated themselves from the consequences of their own policies.

Why this is the way forward

America First is not a slogan. It is a recognition of political reality. Nations that refuse to prioritize their own people eventually lose the capacity to provide security, prosperity, or continuity. Local versions of the same principle—Iowa First, Texas First, whatever the place—are how the larger project becomes durable. They rebuild the habits of stewardship and mutual obligation that abstract globalism dissolves.

Lahn’s narrow upset will not decide the November general election by itself. But it already demonstrated something important: when a candidate speaks clearly about protecting the productive base of a community from concentrated power, and does so without apology, voters respond. The political class can be beaten. Special interests can be named. The people who actually live in a place can still assert that the place belongs to them.

That is populism at its best. And it is why America First is not a temporary mood. It is the only coherent response to a system that has spent decades treating the American people as an afterthought. Iowa just offered another data point. The pattern is becoming hard to miss.

Continue Reading

Trending

Donate to Populist Wire

*Note: Every donation is greatly appreciated, regardless of the amount.