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

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(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.

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Iowa

Chad Pelley Lawsuit in Shambles – Free Speech Win Relieves Bailey Symonds, Strips Injunction

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In a pivotal legal ruling issued on May 14, 2025, the Iowa District Court in Linn County struck down nearly all of the speech-restricting injunctions in the high-profile case of Chad Pelley v. Dustin Mazgaj et al. The decision significantly weakens Pelley’s attempt to silence critics through civil court orders—and raises fresh questions about where the case goes from here.

Chad Pelley Injunction Dissolved Bailey Symonds by Populist Wire


Symonds Cleared, Mazgaj Partially Restricted

At the heart of the ruling is a clear rejection of Pelley’s broad effort to restrict speech. The court fully dissolved the injunction against Bailey Symonds, stating that Pelley failed to prove she caused harm or was likely to in the future. As of now, Symonds is under no legal restrictions, restoring her full right to speak about the case, attend public meetings, and post freely online.

In the case of Dustin Mazgaj, who operates under the name Butt Crack News Network, the court issued a narrowed injunction: Mazgaj is now only prohibited from publicly referring to Chad Pelley as a:

  • “Pedophile”
  • “Drug user”
  • “Drug dealer”

All other parts of the injunction—including no-contact orders and broad bans on speech or proximity—were dissolved.


Melissa Duffield Confirmed Unrestricted

The court also clarified that Melissa Duffield, another named defendant, was never placed under an injunction at any point. Attempts by Pelley’s legal team to restrict her speech in a separate post-trial filing were also rejected, with the judge referencing potential First Amendment concerns.


BCNN Not a Company, Just a Username

In a notable clarification, the court determined that Butt Crack News Network is not a separate business or legal entity—it’s simply the name of Mazgaj’s YouTube account. As such, any restrictions on BCNN are effectively just extensions of those on Mazgaj personally.


Skylar Price Still in Limbo

One original defendant, Skylar Price, has not responded to the lawsuit and was found in default. The court did not revisit the injunction as it applies to Price, meaning the original restrictions may still technically be in effect—but without any new legal activity or defense.


Beau Bish and Flex Your Freedoms Not Bound

Though Pelley filed a second motion earlier this year to add Beau Bish and the media group Flex Your Freedoms to the injunction, the court noted that they have not yet been formally served. As a result, they remain unrestricted by the court at this time.


Where Does Pelley’s Case Go From Here?

The judge’s ruling sends a clear signal: courts will not issue broad gag orders unless the speech in question is proven to be false and harmful—and even then, only in narrowly tailored ways.

Pelley may still pursue defamation claims, but without the broad powers of a speech-restricting injunction, he faces a steeper road. The ruling emphasizes the high bar courts place on prior restraint, especially when it involves criticism of someone involved in public matters like real estate development, civic boards, and local politics.

As for the remaining claims—libel, false light, and emotional distress—they will now move toward a full trial. But the public gag orders Pelley once used to silence his critics have been largely rolled back, and the spotlight on his case is only getting brighter.

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Politics

President Donald Trump 45 – 47

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Donald Trump’s political journey over the last eight years has been a vivid illustration of modern populism, defying conventional political odds. Starting with his 2016 presidential campaign, Trump, a real estate mogul and reality TV star, harnessed populist sentiments to propel his candidacy. His message resonated with many Americans feeling left behind by globalization and economic shifts, promising to restore jobs, combat what he described as unfair trade deals, and prioritize American interests over international cooperation. This populist wave was marked by his direct communication style, bypassing traditional media to connect with voters through rallies and social media, where he spoke of “draining the swamp” in Washington, suggesting a deep-seated distrust in the political establishment.

The struggle of Trump supporters has mirrored this populist movement, characterized by a sense of alienation from what they perceive as a detached political and cultural elite. This group, often labeled pejoratively by some in the mainstream, found in Trump a voice for their frustrations with immigration policies, economic policies favoring global trade over local jobs, and cultural shifts they felt were imposed without their consent. The Trump family, from Melania’s fashion choices to Ivanka’s political involvement, became symbols of this populist resistance against the perceived elitism of politics. The criticism they faced only deepened the solidarity among Trump’s supporters, who saw in his family a reflection of their own battles against the establishment.

The alt-media ecosystem was instrumental in this populist surge, serving as both a battleground and a bastion. Outlets like Breitbart and Infowars, and later platforms like Parler and Truth Social, became the echo chambers where Trump’s narrative of being a victim of political witch hunts and media bias was amplified. These platforms didn’t just report news; they crafted a narrative where Trump’s every move, from policy to personal tweets, was framed as part of a larger fight against a corrupt system. This interaction between Trump, his supporters, and the alt-media has redefined political discourse, showcasing how populism can harness media, both traditional and digital, to challenge and reshape political norms. Trump’s journey has thus not only defied odds but has also redefined what political success looks like in an era where populism can sway elections and influence policy discussions at the highest levels.

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Politics

President Trump Returns to Butler to FIGHT for America First

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Trump’s Return to Butler, PA: A Symbol of Tenacity and Defiance

Today, former President Donald Trump makes a symbolically charged return to Butler, Pennsylvania, the site where his resilience was tested in an unprecedented manner. This visit, on October 5, 2024, is not just another campaign stop but a poignant reminder of his enduring “FIGHT FIGHT FIGHT” mantra, which has become emblematic of his political persona.

A Historical Backdrop

On July 13, 2024, Butler was thrust into the national spotlight when an assassination attempt was made on Trump during a rally. Surviving with a mere graze to his ear, Trump’s immediate response was to raise his fist, a moment captured in what has now become an iconic image, symbolizing his defiance against adversity. This incident didn’t just scar him physically but also galvanized his supporters, turning Butler into a shrine of sorts for Trump’s resilience.

The Symbolism of the Return

Trump’s decision to return to Butler is laden with symbolism. Here’s why this visit resonates deeply with his campaign ethos:

  1. Defiance in the Face of Danger: Returning to the site where his life was threatened underscores Trump’s narrative of not backing down. It’s a physical manifestation of his “FIGHT FIGHT FIGHT” ethos, showcasing his refusal to be intimidated by violence or political opposition.
  2. Political Theatre and Momentum: This rally serves as a masterstroke in political theatre, aiming to convert the attempt on his life into a rallying cry for his supporters. It’s an attempt to reignite the fervor seen in the immediate aftermath of the incident, where his campaign saw a surge in support, portraying him as a fighter against all odds.
  3. Uniting the Base: By revisiting Butler, Trump not only honors the victims of the incident but also uses the location to unify his base. The rally is expected to be a blend of remembrance and a call to action, emphasizing themes of perseverance, security, and defiance against the establishment’s perceived failures.
  4. A Message of Strength: For Trump, every appearance since the assassination attempt has been an opportunity to project strength. Returning to Butler amplifies this message, suggesting that neither personal attacks nor political challenges will deter his campaign or his message.

The Broader Impact

The “FIGHT FIGHT FIGHT” mantra has transcended its initial context, becoming a broader call against what Trump describes as systemic failures, from immigration policies to disaster response, as seen in his critiques of the current administration’s handling of events in North Carolina, echoed in his and his allies’ posts on X.

This return to Butler isn’t just about revisiting the site of a traumatic event; it’s a strategic move to encapsulate his campaign’s spirit in one location, making it a pilgrimage of sorts for his supporters. It represents Trump not just as a politician but as a symbol of resistance and persistence, key themes in his narrative of reclaiming America.

In sum, Trump’s rally in Butler today is more than a campaign event; it’s a testament to his campaign’s core message: a relentless fight against adversaries, be they political opponents, critics, or even those who threaten his life. This event is poised to be a significant moment in the 2024 presidential race, leveraging trauma, resilience, and defiance into political capital.

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