January 2012 Bulletin Board

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    20 January 2012 www.TheRealDeal.com

    TheBulleTinBoard

    Occupy Wall Street and the 99 percentCompiled by Russell Steinberg

    Occupys effort:The Occupy Wall Street movementheld a national foreclosure actionday last month. Protesters argueforeclosures are the re-sult of fraudulentlending practices.In New York, about300 people madetheir way to a Brook-lyn home, where theytried to help a home-less family reoccupytheir house.

    Top-heavy:The citys IndependentBudget Ofce released astudy last month whichfound that the top 1% ofearners in NYC made aminimum of $493,439in 2009, the most recentyear on record. Half ofNew Yorkers, meanwhile,made $28,000 or less. Inall, about 10% of earnerspay 71% of the citys in-come-tax revenue.

    Millionaire pool shrinks:Recently released state statistics show Manhattan house-holds with incomes of over $1 millionfell by a whopping 24% in2009, the most recent yearon record. In that sameyear, the IRS reported adecrease of 26% nation-ally of those high-earn-ing homes, compared to2008. (Journal News)

    Not just Zuccotti:There are 516privately owned publicspaces (or POPS) in NYC, includingZuccotti Park, which was home baseto the Occupy Wall Street movementand is owned by Brookeld Proper-ties. The city says the POPS programhas provided over 3.5 million squarefeet of public space since its incep-tion in 1961.

    A tight squeeze:According to a report by the UrbanInstitute, the average New Yorkerearns barely enough to rent a

    two-bedroom apartment.The typical two-bed-room in NYC requiresrenters to earn ap-proximately $55,000a year, but the me-dian household in-come is just a tadmore than that, thereport found.

    Neighborhoodin troubleBrooklyns East New Yorkhas the highest foreclosurerate of any neighborhoodin NYC, as 16.8 per 1,000homes received lings in2010, according to the NYCcomptrollers ofce. Na-tionwide, more than 4 mil-lion homes have been takenover by banks since 2006,according to RealtyTrac.

    Foreclosure

    disclosure:The 99% had reason forcelebration when thenumber of homes is-sued foreclosure lingsdropped by 3% from Oc-tober to November. Fil-ings were also down 14%year-over-year. Homes inNew York State had theeighth-lowest rate na-tionwide, of just one inevery 1,587. (RealtyTrac)

    Taxing the 1 percent:IRS data from 2008, released in No-vember, showed that nine of the 10 mostheavily taxed zip codes in the coun-try are in the NYCarea. Residentsin those ninezip codes, in-cluding severalon the Upper EastSide, paid$16.5billionin incometaxes in 2008.(Crains)

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