Struggling to connect the lines of your reasoning. You say these are money laundering tax shelters, and that the poorest members of society pay far more than the foreign billionaires who own them and make money trading them around.
But that's all irrelevant and somehow the article is overblown FUD? Is the point that all the lawyers and construction jobs outweigh taxes? I think the fundamental argument is one of fairness, the people who benefit the most from a wonderful city should pay their share to maintain and support it.
Are we reading the same article? Because the article I read seems to be arguing that linking property taxation to income (in the form of giving huge breaks to the ultrawealthy) is a bad idea.
But that's all irrelevant and somehow the article is overblown FUD? Is the point that all the lawyers and construction jobs outweigh taxes? I think the fundamental argument is one of fairness, the people who benefit the most from a wonderful city should pay their share to maintain and support it.