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I think it will have an effect. My view of this is that it’s sad, because there are a lot of areas in New York that aren’t in New York City -- and some in the city -- that are poor and can certainly use this kind of investment. People are going to invest in New York City anyway, but maybe not so much in these other areas.
The California projects I’m working on continue to gain nationwide investors, including investors from the state of Washington, a no-income tax state. The larger opportunity zone funds that promise a specific IRR have had to adjust their projections factoring in California state taxes. Clearly, the deals are still penciling out for investors in states like California, and they will continue to do so in New York.
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