Latest / Sid & Friends In The Morning / Suzanne Miller | Red Apple Media Podcast Host | 06-04-26

Transcript

Suzanne Miller | Red Apple Media Podcast Host | 06-04-26 · Sid & Friends In The Morning

• 0:01
  Speaker 1: Are you okay, love, I'm just I'm just tired. I
• 0:04
  Speaker 1: can't sleep all set any more money for lunch.
• 0:10
  Speaker 2: My book has to change.
• 0:12
  Speaker 1: Look whatever it is, I'm here, just look on fine.
• 0:16
  Speaker 1: I'm in trouble. Read between the lines to spot the
• 0:19
  Speaker 1: signs of gambling. Teenage gambling doubles the risk of problem
• 0:23
  Speaker 1: gambling in adulthood. Get support at your AI dot I
• 0:27
  Speaker 1: e from the Gambling Regulatory Authority of Ireland.
• 0:30
  Speaker 3: My beautiful Frances Houseanne Miller, who's on our way to
• 0:33
  Speaker 3: the Hampton's. What a life she's got?
• 0:35
  Speaker 2: No not talk tomorrow? Isn't it any Thursday? You're you're
• 0:40
  Speaker 2: going on a Friday? Too busy? I can't but the
• 0:42
  Speaker 2: traffic is going to be terrible. Man, I leave like
• 0:44
  Speaker 2: five in the morning. Okay, then you're fine.
• 0:46
  Speaker 3: Okay, you did like I do me and are in
• 0:49
  Speaker 3: the car at four o'clock every morning, four o'clock.
• 0:51
  Speaker 2: Well, welcome back.
• 0:52
  Speaker 3: Susanne of course host the great podcast here, the Miller Report,
• 0:57
  Speaker 3: which is I believe her and Bodido. Those are two
• 1:00
  Speaker 3: big stars on the podcast level at this radio station.
• 1:02
  Speaker 3: She's in taxicabs and everybody knows her. And real estate,
• 1:06
  Speaker 3: of course is a huge discussion. That's why she's on
• 1:09
  Speaker 3: the show every couple of weeks in New York because
• 1:11
  Speaker 3: when we're trying to figure out the health, the economic
• 1:13
  Speaker 3: health of our city with this radical Islam psychle running
• 1:17
  Speaker 3: this city, you you got to look at will estate
• 1:19
  Speaker 3: really first. And there's a bunch of laws, new laws
• 1:23
  Speaker 3: that are going to play here, and I have no
• 1:25
  Speaker 3: idea what they are and whether or not they're going
• 1:27
  Speaker 3: to help people like Suzanne Miller, but you do. So
• 1:31
  Speaker 3: what's going on?
• 1:32
  Speaker 2: A lot's going on, sid So let's talk about the
• 1:34
  Speaker 2: law first. So the pier de terre, did I say
• 1:37
  Speaker 2: that right?
• 1:37
  Speaker 4: Yes?
• 1:37
  Speaker 3: That is the second la.
• 1:39
  Speaker 2: You speak French a little bit, I understand.
• 1:42
  Speaker 3: I can tell you though.
• 1:43
  Speaker 4: Yeah.
• 1:43
  Speaker 5: So it was a proposal. Now it went into law
• 1:46
  Speaker 5: and they they shoved in new things at the last minute.
• 1:50
  Speaker 5: It was supposed to be homes above five million dollars.
• 1:54
  Speaker 5: Now it's up to one million dollars. So any home
• 1:57
  Speaker 5: that secondary home. Now, let's talk about what a secondary
• 1:59
  Speaker 5: home home is. If you don't if you live someplace
• 2:02
  Speaker 5: else and you want to be in New York three
• 2:04
  Speaker 5: days a week and you're just keeping it empty, it's
• 2:06
  Speaker 5: for your own personal use. That's the second home, and
• 2:09
  Speaker 5: you're going to be taxed. And here are the taxes
• 2:11
  Speaker 5: on that, even on a million dollar home. Even on
• 2:13
  Speaker 5: a million dollar home, it's much. It's listen, every home
• 2:17
  Speaker 5: is a studio in New York is a million dollars, right,
• 2:19
  Speaker 5: So we're talking about one to three million dollars four
• 2:23
  Speaker 5: percent annually, and it starts July. It starts next month.
• 2:27
  Speaker 5: They threw this in for next month, so it's one
• 2:30
  Speaker 5: it's from one to three. So if you have a
• 2:32
  Speaker 5: home that's one point one million, because it's over the
• 2:34
  Speaker 5: one million, it's still four percent. That's going to affect
• 2:37
  Speaker 5: every single home in pretty much all the condos in
• 2:40
  Speaker 5: New York.
• 2:40
  Speaker 2: So this is mom DONI and the governor.
• 2:42
  Speaker 5: And the governor, I'm surprised you haven't spoken about this.
• 2:45
  Speaker 5: I've been all over the news all weekend about no.
• 2:47
  Speaker 5: So it's one to three million, four percent, three to
• 2:51
  Speaker 5: five million, four and a half percent, now excuse me,
• 2:56
  Speaker 5: three to five million, five point two five percent, and
• 2:59
  Speaker 5: then five million up six point five come on, So
• 3:03
  Speaker 5: we're talking in addition to your regular real estate taxes.
• 3:08
  Speaker 5: This is another tax. So now there are reason for
• 3:12
  Speaker 5: this that they're saying, first of all, they want to
• 3:14
  Speaker 5: raise this five hundred million really quick.
• 3:16
  Speaker 2: And they're saying that the whole tax situation in.
• 3:19
  Speaker 5: New York, the way we tax assess values are not
• 3:22
  Speaker 5: done like other states, which there is some validity to that.
• 3:25
  Speaker 5: So if you buy in Florid or you buy someplace,
• 3:27
  Speaker 5: your taxed on what you the purchase price was. Here,
• 3:30
  Speaker 5: you're taxed on what the potential rent is. So they
• 3:33
  Speaker 5: don't say, okay, sid you've bought in this building across
• 3:36
  Speaker 5: the street and your next door neighbor paid one million,
• 3:38
  Speaker 5: that's the comp for your apartment. They say, we think
• 3:41
  Speaker 5: that this apartment is renting for this amount, and that's
• 3:43
  Speaker 5: where they're going to get their rents. There are taxes
• 3:46
  Speaker 5: which is completely outdated. You could have an apartment that's
• 3:49
  Speaker 5: been sitting that's been the same ten I for thirty years,
• 3:51
  Speaker 5: or you could have just renovated it. They don't take
• 3:53
  Speaker 5: any consideration any factors that will change the rental amount,
• 3:59
  Speaker 5: so they are just that's antiquated. So this is their
• 4:02
  Speaker 5: way to cash grab. So for the first two this
• 4:05
  Speaker 5: is only a two year program. After the two years
• 4:08
  Speaker 5: they're going to go to phase two. And Phase two
• 4:10
  Speaker 5: is they're going to reassess all of the apartments based
• 4:14
  Speaker 5: now on what they think the comparable sales will be.
• 4:17
  Speaker 5: And we're talking now people bought an apartment thinking that
• 4:20
  Speaker 5: their taxes were one thing, and now it's going to
• 4:22
  Speaker 5: go up by tremendous amount and that's forever.
• 4:25
  Speaker 2: But what's the backlash?
• 4:27
  Speaker 3: So let's say I've got that second home and it's
• 4:29
  Speaker 3: worth two millions, I'm getting screwed now I want to
• 4:32
  Speaker 3: sell it? Can I? I mean, what is the buyer's
• 4:35
  Speaker 3: market out there now for these types of Well.
• 4:37
  Speaker 5: Before I talk about that, I want to say that
• 4:39
  Speaker 5: I think you're going to see a lot of appraisals
• 4:41
  Speaker 5: come in under a million dollars. The appraisal business is
• 4:43
  Speaker 5: going to be the hottest new business in New York
• 4:46
  Speaker 5: because and I.
• 4:47
  Speaker 2: Want to see the legal funds. Who's going to pay
• 4:49
  Speaker 2: for this?
• 4:49
  Speaker 5: So everybody's going to say I wasn't there, my sister
• 4:52
  Speaker 5: was there, my cat was there.
• 4:54
  Speaker 2: Right, Because as long as it's somebody's using, it doesn't qualify.
• 4:57
  Speaker 5: But it's what it really does sit is it takes
• 5:00
  Speaker 5: away the potential of people wanting to be in New York.
• 5:04
  Speaker 5: It takes away the excitement if I want, if I
• 5:06
  Speaker 5: have a lot of money and I want to have
• 5:08
  Speaker 5: a place in New York, it's cachet New York, Paris,
• 5:11
  Speaker 5: Palm Beach.
• 5:12
  Speaker 2: You're gonna take New York out of the equation.
• 5:14
  Speaker 3: And why would the governor and or the mayor care
• 5:16
  Speaker 3: about how much time I spend in my apartment, on
• 5:19
  Speaker 3: my home that I own.
• 5:20
  Speaker 5: Anyway, because these people don't vote. It's a way to
• 5:24
  Speaker 5: get money quickly. These people don't vote. If you're second home,
• 5:26
  Speaker 5: you took, you played the game, so you left New York.
• 5:29
  Speaker 5: Now they're going to Now that's screwing you. This is
• 5:31
  Speaker 5: exactly what they're doing. And there is I see just
• 5:35
  Speaker 5: even this week many more people looking to sell than buy.
• 5:38
  Speaker 2: And I think this is the nail and you're washing that.
• 5:40
  Speaker 5: Absolutely. I think this is going to be It's a
• 5:42
  Speaker 5: tremendous amount of money. It's forty thousand dollars a month
• 5:45
  Speaker 5: on a one point four million dollar apartment in addition
• 5:48
  Speaker 5: to my regular taxes. There's a lot of money forty
• 5:51
  Speaker 5: thousand a year.
• 5:52
  Speaker 3: Sorry, But the question then becomes, how does it become
• 5:56
  Speaker 3: an attractive buy if people are looking to unloaded and
• 6:00
  Speaker 3: get the hell out of you.
• 6:01
  Speaker 5: What's going to happen. So it's just going to be
• 6:03
  Speaker 5: a reset. It's just prices are going to come down
• 6:05
  Speaker 5: to make up for this. People always want to be
• 6:07
  Speaker 5: in New York. I just got my trademark in the mail,
• 6:09
  Speaker 5: never bet against New York. It's actually official. Yes, no,
• 6:12
  Speaker 5: come on, I did, I got. I'm going to be
• 6:13
  Speaker 5: on this on the taxis with my little never bet
• 6:15
  Speaker 5: against New York for the next that's great.
• 6:17
  Speaker 3: So that's great.
• 6:18
  Speaker 2: Yeah, I would say.
• 6:20
  Speaker 3: With the NBA Nyals, that makes sense. I'm gonna Troy
• 6:22
  Speaker 3: about the real estate market ed all the economy, but
• 6:25
  Speaker 3: I like the Nickson that role trying it for a month.
• 6:28
  Speaker 3: So people always want to be in New York.
• 6:30
  Speaker 5: New York is Listen, the office market is still off
• 6:32
  Speaker 5: the charts. Everybody still wants to be in New York.
• 6:34
  Speaker 5: You have the young kids that want to be here.
• 6:36
  Speaker 5: It's going to reset the prices. We're going to see.
• 6:38
  Speaker 2: Prices come down to make up for this. A lot
• 6:41
  Speaker 2: of us.
• 6:41
  Speaker 5: When there's a lot of supply, the prices come down.
• 6:43
  Speaker 5: And that's what's going to happen in my opinion, But.
• 6:46
  Speaker 3: It could get very very bad before we get to
• 6:49
  Speaker 3: that spot. No.
• 6:50
  Speaker 5: I was talking to a friend last night that has
• 6:52
  Speaker 5: a place in London and he was telling me that
• 6:54
  Speaker 5: his price went down by forty percent the market in
• 6:58
  Speaker 5: London forty So I am seeing some handwriting on the
• 7:03
  Speaker 5: wall that we're going to see a big correction here.
• 7:06
  Speaker 5: And I think that these politicians are just doing this
• 7:08
  Speaker 5: because they don't care about the people.
• 7:10
  Speaker 2: That don't vote.
• 7:12
  Speaker 3: So what about this other nonsense that the mayor talked
• 7:15
  Speaker 3: about last week? This one's unbelievable that for bad tenants.
• 7:19
  Speaker 3: I know there are bad tenants, Okay, I'm not stupid.
• 7:21
  Speaker 3: I lived in apartments before. Whether the heat didn't work
• 7:24
  Speaker 3: for a couple of days, things don't work, okay, and
• 7:26
  Speaker 3: good luck run upon the superintendent because he's high somewhere
• 7:28
  Speaker 3: in the park. But what about this nonsense or they're
• 7:31
  Speaker 3: overcharging were bad tenants. They're going to take the buildings,
• 7:35
  Speaker 3: excuse me, the bad landlords.
• 7:37
  Speaker 2: Bad landlords.
• 7:38
  Speaker 3: They're going to take the buildings from them and literally
• 7:40
  Speaker 3: give them to the tenants. I've never heard something so ridiculous.
• 7:44
  Speaker 5: It was called KOPA and they tried, and they actually
• 7:46
  Speaker 5: Jim Walden was the attorney on it, and he got
• 7:49
  Speaker 5: it didn't pass it didn't pass, but now they're trying
• 7:52
  Speaker 5: it again. And if you look at the new bill,
• 7:54
  Speaker 5: it's twenty two billion dollars for real estate housing over
• 7:58
  Speaker 5: the next ten years. That's what the budget is. And
• 8:00
  Speaker 5: they want to take twenty five percent of that to
• 8:03
  Speaker 5: their own housing. So there nights you're housing, which is
• 8:05
  Speaker 5: two hundred and seventy seven thousand apartments. Seven thousand are empty,
• 8:09
  Speaker 5: the other are You wouldn't even want to walk in
• 8:11
  Speaker 5: the street where it is bad, and they want rather
• 8:14
  Speaker 5: than giving it to private developers and fixing it and
• 8:16
  Speaker 5: putting So what's happened Sid and I said this all
• 8:19
  Speaker 5: weekend on the news, is they are about fifty thousand.
• 8:23
  Speaker 5: I think there's more like one hundred thousand landlords like
• 8:26
  Speaker 5: you just talked about that cannot afford to put their
• 8:28
  Speaker 5: apartments on the market because if they have a tenant
• 8:30
  Speaker 5: that's been in their apartment for thirty years, how much
• 8:32
  Speaker 5: is it going to cost to renovate that apartment in
• 8:34
  Speaker 5: today's cost of goods, cost of construction, cost of copper, nails, everything,
• 8:39
  Speaker 5: it's going to be probably sixty thousand dollars. Just a
• 8:41
  Speaker 5: kitchen is twenty thousand. You know what the rent increase
• 8:44
  Speaker 5: could be for that three hundred dollars a month, but
• 8:49
  Speaker 5: they're never going to be on a vacant apartment.
• 8:51
  Speaker 3: They have to spend all this money for the landlord. Nothing.
• 8:55
  Speaker 5: It's not a lot, nothing for the landlords, so they're
• 8:57
  Speaker 5: not putting these apartments on the market. If they want
• 8:59
  Speaker 5: to take budget and they want to really raise money
• 9:01
  Speaker 5: and fix the affordable housing issue, the first thing they
• 9:04
  Speaker 5: should do is make it possible for the landlords that
• 9:08
  Speaker 5: are holding back these apartments that can't put it on
• 9:10
  Speaker 5: the market, not take it away from them.
• 9:12
  Speaker 2: Let them put it.
• 9:12
  Speaker 5: Back on the market, and at least when they vacant,
• 9:14
  Speaker 5: set it at a new rate so that these people
• 9:17
  Speaker 5: so we could start the economy. This is you want
• 9:20
  Speaker 5: to fix a broken system that never worked. The government
• 9:24
  Speaker 5: is not a landlord. We need private developers to build
• 9:27
  Speaker 5: these things. We don't need the government to come in
• 9:29
  Speaker 5: and fix six billion dollars in repairs that's never going
• 9:33
  Speaker 5: to be fixed.
• 9:34
  Speaker 2: The other worst landlords the worse. Wow.
• 9:36
  Speaker 3: So this is a little more ominous because you always say,
• 9:40
  Speaker 3: you know, never bet against New York, and you seemed
• 9:43
  Speaker 3: at least to be a little a little less inclined
• 9:47
  Speaker 3: to Hammer New York and Mamdanie. But this today, this
• 9:50
  Speaker 3: is like a little more ominous.
• 9:52
  Speaker 2: Yeah.
• 9:53
  Speaker 5: To me, it's like a slow fire that's on a bridge,
• 9:56
  Speaker 5: and I hope it doesn't catch fire, and I hope
• 9:58
  Speaker 5: the bridge saves it, because.
• 10:00
  Speaker 2: As I am very concerned.
• 10:01
  Speaker 5: I've never been this concerned as I am right now
• 10:03
  Speaker 5: that there really is an attack not on the landlords,
• 10:06
  Speaker 5: but on Second Home, on the wealth, on people that
• 10:09
  Speaker 5: want to be in New York. And you're saying you're
• 10:11
  Speaker 5: not welcome. What about the sales tax? What about the
• 10:13
  Speaker 5: people that are going to lose the jobs? What about
• 10:15
  Speaker 5: the ubers? What about the restaurants, what about the hair salons?
• 10:18
  Speaker 5: If people don't want to be in New York, will
• 10:20
  Speaker 5: Gonnas lose that money in sales tax and legal fees?
• 10:22
  Speaker 2: Yeah, so it's just a cash grab.
• 10:24
  Speaker 5: He's pandering to his audience, and Hoko went right with it.
• 10:28
  Speaker 5: And I'm on your show now saying how I feel
• 10:32
  Speaker 5: and I'm really upset about this.
• 10:34
  Speaker 3: I can tell you now, you're great. We love that,
• 10:36
  Speaker 3: we want it, honest, Suzanne Miller, you know you love
• 10:38
  Speaker 3: New York. You got the taking over, So are you
• 10:40
  Speaker 3: so on the way out? Are you nervous because you're
• 10:42
  Speaker 3: very successful, very because you're great your job? I mean,
• 10:45
  Speaker 3: look at you just realed off.
• 10:46
  Speaker 2: You know numbers and have no idea.
• 10:48
  Speaker 3: Are you nervous about your position? What do you feel like?
• 10:51
  Speaker 3: Look like you said, they still want to be here.
• 10:54
  Speaker 3: I'm gonna rent, I'm gonna sell. Well here's a real estate.
• 10:57
  Speaker 5: Well here's personally. I'm an investor. I have lots of
• 10:59
  Speaker 5: proper in New York. And if I look and I
• 11:01
  Speaker 5: spoke to my account yesterday, I can't sell because you
• 11:03
  Speaker 5: pay fifty percent if you sell, and you gotta buy
• 11:05
  Speaker 5: something else. It's not so easy to get out of
• 11:07
  Speaker 5: apartments in New York. So that is the issue. The
• 11:10
  Speaker 5: optimistic thing for me is that the office market is
• 11:13
  Speaker 5: doing so well, then as long as the people are
• 11:16
  Speaker 5: still here, as long as the businessmen are still here
• 11:18
  Speaker 5: because they have to work here the place, they need
• 11:20
  Speaker 5: a place to live. Right, So this is going to
• 11:22
  Speaker 5: be this is going to take us through. What really
• 11:24
  Speaker 5: frightens me. We have another four years of this, That'll
• 11:27
  Speaker 5: be my guest. I think we can survive this for
• 11:29
  Speaker 5: three years.
• 11:30
  Speaker 2: And that's it. That's it.
• 11:31
  Speaker 3: So the commercial side, Cory side, they got to be
• 11:33
  Speaker 3: doing very very too, right.
• 11:34
  Speaker 5: Very well, particularly the luxury market they are now the
• 11:36
  Speaker 5: retail is doing horrendous, but that's all.
• 11:38
  Speaker 2: Over the country because with the economy, you know, you
• 11:41
  Speaker 2: need toothpaste to go online.
• 11:45
  Speaker 3: They lock up the toothpaste, but not the criminals in America.
• 11:48
  Speaker 3: What a wonderful place. And then if they lock it up.
• 11:50
  Speaker 3: I just told a story yesterday as on CBS. I
• 11:52
  Speaker 3: needed mouthwash. I was there for thirty minutes. I mean
• 11:55
  Speaker 3: I know the person was on the ia right next
• 11:57
  Speaker 3: to me. They never come over. You ring the bell
• 11:59
  Speaker 3: and ring the bell, wring the ball.
• 12:00
  Speaker 2: I haven't been in a drugstore and in two years,
• 12:02
  Speaker 2: is that right?
• 12:03
  Speaker 3: I'll have Amazon Amazon?
• 12:05
  Speaker 2: Amazon. Are I going? Hey, I would not walk into
• 12:06
  Speaker 2: one of the stretstress never.
• 12:09
  Speaker 3: Well, you were great today and you're back often now
• 12:12
  Speaker 3: because you are great. And this is an important segment
• 12:14
  Speaker 3: because you're right. I didn't cover a lot of this,
• 12:16
  Speaker 3: and this is very important to the economy of New York.
• 12:18
  Speaker 3: You know, we could talk about the Jews up all
• 12:20
  Speaker 3: day long, but he's killing us on a whole bunch
• 12:23
  Speaker 3: of different levels, and this one especially. So enjoy your
• 12:25
  Speaker 3: weekend in the Hampton's excellent job Susan here. I'd great
• 12:29
  Speaker 3: to have you Suzanne Miller. Folks check her out every
• 12:32
  Speaker 3: week or podcast is great, The Miller Report. Forget about
• 12:35
  Speaker 3: Dennis Miller. We got Suzanne Miller.
• 12:38
  Speaker 4: Thanks for listening to Sit in Friends in the Morning.
• 12:41
  Speaker 4: You can hear Sit and Friends in the Morning weekday
• 12:44
  Speaker 4: mornings at six. If you like the podcast, share it
• 12:47
  Speaker 4: with your friends and listen anytime at WABC radio dot
• 12:50
  Speaker 4: com and download the WABC Radio app. Hit that subscribe
• 12:54
  Speaker 4: but on all major podcasts platforms. Plus, follow WABC on
• 12:59
  Speaker 4: social on in Instagram, TikTok, Facebook, and X see you
• 13:03
  Speaker 4: next time for a new episode, so you never have
• 13:06
  Speaker 4: to wonder
• 13:06
  Speaker 2: What the heck is going on here