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In the original 2014 proposal by the Fiscal Policy Institute, the first item in the proposal is off to a bad start as they describe what happened in the market: These owners bid up the price of NYC residential realestate, and since they don’t spend much time in these units, contribute little to the local economy compared to full-time residents.
The Dictionary of RealEstate Appraisal, 6th Edition defines intangible property as “nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, securities, and contracts as distinguished from physical assets such as facilities and equipment.” Intangibles.
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