No financial reward for the Covid Righteous (Metropolitan Opera)

The Metropolitan Opera celebrated and followed the Science, meekly closing their doors and breaking their audience of the habit of buying tickets and attending live opera. They demanded vaccine papers when the Met was finally reopened in 2022:

The opera nerds transformed themselves into Science nerds:

The decision was made in consultation with the Met’s health experts at Mount Sinai.

What was the level of confidence in the efficacy of the required three shots?

Face masks will still be required at all times inside the Met, except when eating or drinking in designated areas.

Where’s the reward for this level of righteousness? For giving up more than 1.5 years of revenue plus whatever revenue they might have obtained from the 16-year-olds they turned away for having only two COVID-19 shots rather than three?

“Despite Drastic Financial Steps, Met Opera Turns to Layoffs and Cuts” (New York Times, January 20, 2026):

The largest performing arts organization in the country will lay off workers, cut salaries and reduce its offerings. It may also sell its Chagall murals that are valued at $55 million.

Over the past five years, the Metropolitan Opera has drained money from its endowment, entered a still-tentative $200 million deal with Saudi Arabia and cut back its performance schedule as it struggled to bring stability to an institution hammered by the coronavirus pandemic.

As part of the latest cuts, the Met will reduce its next season to 17 productions, from 18. (Before the pandemic, it programmed about 25 per season.)

Since 2022, the company has drawn $120 million from its $217.5 million endowment, an unorthodox and risky move that arts executives said was a sign of the depth of the Met’s financial problems.

We know that God loves lockdowns and Scientists. Why hasn’t She rewarded the Met with financial prosperity?

(Shouldn’t we be bullish in the long-run prospects for the Met, though? If the AI and Robotics age gives Americans more leisure time and owners of capital more money that should increase the number of people with the time and money necessary to attend a four-hour opera experience at the Met.)

Meanwhile, among the Deplorables where forcing people to accept Covid injections is illegal… “Wells Fargo moves wealth-management unit to Palm Beach, joining Florida rush” (New York Post):

The San Francisco-based bank signed a lease with Related Ross – run by real estate mogul Stephen Ross – to rent 50,000 square feet at the One Flagler office building, wealth chief Barry Sommers told Bloomberg.

It’s a significant move for the wealth department, which last year generated $16 billion in revenue, or roughly a fifth of the bank’s total revenue, and has about 100 of its senior executives, Sommers added.

Loosely related… “Met Museum Employees Vote to Unionize” (NYT, January 16, 2026):

Employees voted 542 to 172 in favor of joining Local 2110 of the United Automobile Workers, a driving force in the unionization of New York arts organizations that has spent the past five years quietly laying the groundwork for this vote. The bargaining unit includes employees from a variety of departments including curatorial, conservation, education and retail.

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Why would New York State subsidize parents in New York City, but not in poorer parts of New York State?

Confusing news from the Mamdani Caliphate… “Mamdani Presses for Tax Hike on New York’s Wealthiest as Budget Deficit Looms” (Wall Street Journal):

Mamdani also wants Albany lawmakers to increase the amount of state funding the city receives. Hochul has boosted state funding to the city since she took office, according to a spokeswoman for the governor.

The governor and the mayor said earlier this month the state would fund a rollout of free child care for 2-year-olds in the city—another major policy proposal of Mamdani’s campaign.

New York City is wealthier than the rest of New York State. Why would people who say that they’re against inequality want to see money funneled from the Rust Belt cities of Upstate to Manhattan? As a parent myself, I’m a huge supporter of any government program that forces the childless to work extra hours and gives the resulting money earned to Americans who are blessed with and can enjoy children. However, how is it fair for a parent of a 2-year-old in NYC to get free child care while the parent of a 2-year-old in Syracuse or Buffalo gets nothing?

If NYC wants to add services for its residents why wouldn’t NYC fund that with city taxes, e.g., on the Wall Street heroes, owners of skyscrapers, etc.?

(The median income in NYC, of course, isn’t high, but rich people in NYC are stratospherically rich.)

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The Mamdani Caliphate officially begins

Happy New Year to those who celebrate and, of course, Happy Last Day of Kwanzaa to everyone.

Today is the day that Ayatollah Mamdani takes over control of New York City. Folks have made dire predictions about what might happen under a Mamdani Caliphate, but I find it tough to believe that he could do a worse job than his predecessors. Here’s a calculation of what’s been happening in NYC public schools, for example:

Source for the above:

I share some goals with the new mayor, actually. I’m an enthusiast for free public transit, which is fairly common in Florida (trolleys along tourist routes in Miami Beach, Uber-style Teslas zipping people around Coral Gables). I suppose sufficiently high congestion prices for driving around NYC that there aren’t any traffic jams and the money used to make the buses and subways (1) free, (2) frequent, and (3) comfortable. Mobility that doesn’t cause time-wasting traffic is something that New York is rich enough to afford and 98 percent of the infrastructure is already paid for (subway tracks, roads, buses). As a resident of Palm Beach County, I’m a huge fan of massive tax increases on the NYC rich. Every successful New Yorker who moves to Palm Beach from NY lowers our property tax bill (where “success” = rich enough to buy a $10 million house).

For readers who are celebrating Kwanzaa, a golden retriever busting into the Kwanzaa bush:

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Replacementocracy

American-born New Yorkers said that they would vote for Andrew Cuomo (October 18 poll). Foreign-born New Yorkers said that that they would vote for Mayor Mamdani (charts below). What do we call the system of government that brought Mayor Mamdani to power? It doesn’t seem like “democracy” since many of the voters, like the new mayor himself, are only recently arrived. How about “replacementocracy” for when an election result is determined by the votes of immigrants? The neologism is literally “rule by replacements”.

The actual election results seem to be consistent with the above poll. Screen shot from last night:

Separately, it was interesting to watch Florida Realtor of the Year 2020 and 2021 compete against Florida Realtor of the Year 2026.

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An immigrant will take a Black man’s job today?

Eric Adams, who identifies as African-American, is on track to be replaced by an immigrant, Zohran Mamdani, today, just as predicted by this 2007 Harvard-NBER paper:

I’m sure that it is painful for some to see New York’s Blacks reduced to political irrelevance, but academics might be celebrating a successful prediction.

Separately, while I was on a JetBlue PBI-PVD flight recently a friend texted to ask my whereabouts. The reply: “Above the Mamdani Caliphate.”

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Zohran Mamdani hates Israel for perpetrating “genocide” and loves FDR

Last night: “Mamdani repeatedly accuses Israel of genocide in NYC mayoral debate”

Also last night: Mayor Mamdani picks FDR as his “favorite modern-day president”.

This is a curious choice given that FDR was an enthusiastic proponent of killing as many Japanese and German civilians as technology allowed, e.g., 100,000 in just one night in Tokyo in March 1945, in order to force Japan and Germany into unconditional surrender (both nations repeatedly expressed willingness to negotiate mutually acceptable peace treaties, but the U.S. rejected the idea in favor of killing more Japanese and Germans). I can’t think of any American president who has been responsible for killing more civilians than FDR directed to be killed. If the Israelis followed FDR’s example, they would have shelled and bombed the Gazans, without texting/phoning warnings in advance, until the Gazans decided to surrender. Instead of sending food, water, and other supplies to the Gazans, the Israelis would have implemented something like Operation Starvation, the U.S. operation intended to prevent food from reaching Japan via ship (begun under FDR and continued under President Truman).

FDR is also a curious choice because he’s responsible for putting Japanese Americans into concentration camps during WWII (blessed by the Supreme Court) out of mere suspicion that they might try to work against the U.S. government’s program of killing as many Japanese soldiers and civilians as quickly as possible. Zohran Mamdani explicitly says that he wants to fight against the federal government (example below). If Trump followed FDR’s example, Zohran Mamdani would be interned for the duration of the federal effort to arrest and deport undocumented migrants with criminal records (“New Yorkers”, in Mayor Mamdani’s parlance).

(Omar Fateh, the next mayor of Minneapolis, would also be interned because he has also pledged to work against the federal government’s goals.)

Maybe FDR is celebrated by Mamdani because he gave Americans free cash? Ida May Fuller, for example, got paid nearly 1000X what she’d contributed to Social Security. Who wouldn’t love that?

Mayor Mamdani attacked Cuomo for his failure to visit mosques. I wonder what would have happened if Cuomo had talked about visiting Al Farooq Mosque in Brooklyn where some of the 1993 World Trade Center bombers met. See “Brooklyn Mosque Becomes Terror Icon, but Federal Case Is Unclear” (NYT, 2003):

Al Farooq Mosque in Brooklyn, a six-story converted factory trimmed in orange and gold, has been many things to many people during its life: a mystery, a noisy neighbor, a source of suspicion, and, for thousands of Muslims who live or work along Atlantic Avenue, the main street of Arab Brooklyn, a place of worship.

Last week, the mosque became, not for the first time, a symbol of terror. A federal affidavit unsealed on Tuesday describes links between the mosque, several Brooklyn businessmen and a cleric in Yemen who, prosecutors say, claims to have funneled more than $20 million to Al Qaeda. ”They did their fund-raising right here in our own backyard,” Police Commissioner Raymond W. Kelly said.

But while Al Farooq has been the spiritual home of some infamous men — including, briefly, the blind Egyptian sheik eventually convicted in the 1993 World Trade Center bombing and the man who killed Rabbi Meir Kahane in 1990 — the role of the mosque and its members in supporting more recent terrorist activity remains unclear.

(New Yorkers responded to the 1993 jihad, which killed 6, including a pregnant woman, and injured more than 1,000, by advocating for increased levels of Islamic immigration and then responded to the 2001 jihad against the World Trade Center by advocating for completely open borders to Muslims.)

Who watched the debate? I saw a few snippets on X. I was, of course, happy to see Florida Realtor of the Year 2020/2021 (Andrew Cuomo) and Florida Realtor of the Year 2026 (Ayatollah Mamdani) on stage at the same time. Mostly, however, I’m amazed that these are the three ablest humans among the 8.5 million (or 9 million if we count the uncountable undocumented?) residents of New York City.

Separately, I’m close to 100,000 views on this X reply:

It is unfair to paint Mr. Mamdani as a Hamas supporter. Based on his public statements, he is equally aligned with Palestinian Islamic Jihad (PIJ).

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Money Illusion 101: Ricky Gervais’s New York apartment that fell 45 percent from its 2008 value

Some news from the Mamdani Caliphate… “Ricky Gervais has just sold a NYC apartment for $1.4M — a slight loss from its 2008 purchase price” (NY Post):

The English comedian and actor Ricky Gervais has just sold an apartment on East 63rd Street for $1.4 million, according to city property records filed on Monday.

Gervais, whose many credits include the across-the-pond version of “The Office,” and his longtime partner Jane Fallon, both appear on the deed in the property transfer to a limited liability company — whose identity could not immediately be identified.

The pair still own a larger unit on the 12th floor, which they bought in 2011 for $3.74 million, records show. They purchased this ninth-floor residence — with one bedroom and 799 square feet — for $1.66 million in 2008, property records also show. This means a slight loss for the couple.

A “slight loss”? If we adjust for inflation at official CPI, the purchase price is equivalent to $2.55 million in today’s mini-dollars:

Gervais took a 45% hit on the value of this apartment in real terms, in other words, but via Money Illusion it is only “a slight loss”.

(My hedge fund manager friend, if anyone talks up real estate as a surefire investment: “Prices can only go up because they’re not making any more condos.”)

What if we consider the loss in terms of gold? My question to ChatGPT:

In terms of ounces of gold, what percentage loss was it to buy something for $1.66 million in June 2008 and sell it for $1.4 million in June 2025?

Answer (not in quote style):

Here’s one way to think about it:

  • In June 2008, the price of gold was about $925.10 per ounce (on June 30, 2008). StatMuse
  • In June 2025, gold was around $3,264.03 per ounce (on June 30, 2025). Gold Price

Step 1: Convert the transaction amounts into ounces of gold (at those dates)

  • $1.66 million in June 2008 in terms of gold ounces = 1,660,000925.10≈1,794.8 ounces\frac{1,660,000}{925.10} \approx 1,794.8 \text{ ounces}925.101,660,000​≈1,794.8 ounces
  • $1.4 million in June 2025 in terms of gold ounces = 1,400,0003,264.03≈429.1 ounces\frac{1,400,000}{3,264.03} \approx 429.1 \text{ ounces}3,264.031,400,000​≈429.1 ounces

Step 2: Compute the percentage loss in gold ounces

  • Loss in ounces = 1,794.8 − 429.1 = 1,365.7 ounces
  • Percentage loss relative to original (in ounces) = 1,365.71,794.8×100%≈76.1%\frac{1,365.7}{1,794.8} \times 100\% \approx 76.1\%1,794.81,365.7​×100%≈76.1%

So, in terms of ounces of gold, the transaction represents about a 76 % loss.


Who are the two journalists and at least one editor who failed to notice the massive loss? “Zachary Kussin is the real estate editor at the New York Post. … He holds degrees from Bard College and the CUNY Graduate School of Journalism. … Mary K. Jacob is a reporter at the New York Post. … A graduate of New York University with a degree in politics and journalism…”

In other words, the two reporters who worked on this story are among the American elite when it comes to educational credentials.

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Wall Street Journal warns New Yorkers not to move to Florida

New York-based journalists love to write about how New York taxpayers shouldn’t flee to Florida and skip paying 14.8 percent state/city income tax, 8.9 percent sales tax, and 16 percent estate tax (vs. 6-7 percent sales tax in FL and 0 percent income/estate). Here’s a recent example, “The Worst Housing Market in America Is Now Florida’s Cape Coral”:

The median home price soared nearly 75% to $419,000 in three years, transforming the character of this middle-income community that for decades has catered to retirees and small investors. … Home prices for Cape Coral-Fort Myers have tumbled 11% in the two years through May

So the prices went up about 56 percent, over a five-year period. That’s before adjusting for Bidenflation. What happened in the U.S. overall? Prices went from 218 to 331 (source), a rise in nominal dollars of 52 percent:

In other words, for people who bought a house five years ago (the average tenure in a house for an American is about 12 years), what the WSJ calls “the worst housing market in America” outperformed the U.S. residential real estate market overall.

What Zillow shows is that the Cape Coral market was more volatile than the national average:

So Cape Coral actually has been a bad market for home-flippers who had the misfortune to buy in at the peak, but for the typical Cape Coral homeowner it has been a better market (albeit, not by much) than the average U.S. real estate market. What about for the elites who put the Wall Street Journal together? How has their Manhattan real estate done by comparison? Zillow:

(“New York County”=Manhattan)

So Cape Coral is objectively speaking the worst housing market in the U.S. (reported as fact/news by the Wall Street Journal rather than as opinion). At the same time, people who owned property in Manhattan fared far worse over the past 6 years or almost any time window within those 6 years.

Related:

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New York needed millionaires and it got migrants instead

New York has been substantially enriched by migrants in recent decades, especially from 2021-2024. After careful analysis, however, it seems that “New York Needs More Millionaires” (New York Times, August 28, 2025):

The rate at which New York State has been adding millionaires to its population in recent years has fallen below that of other large states, potentially costing the state billions in unrealized tax revenue, according to a new report from a nonpartisan fiscal watchdog group.

At the same time, California, Florida and Texas had large increases in the number of people with annual incomes of at least $1 million residing in their states, all adding them at a faster rate than New York did from 2010 to 2022. The millionaire population in New York nearly doubled over that same time period, but it more than tripled in those other states.

Note that “millionaire” is not a peasant who owns a $1 million house outright, but rather someone who earns at least $1 million every year. The word has been updated for inflation, apparently!

There were about 70,000 people earning $1 million in New York State in 2022, with half of them living in New York City, according to the report.

Also, Ms. Eisner said the latest migration trends showed that millionaires were not leaving New York City and that, according to her research, they do not move in response to tax increases. Middle- and upper-middle class families — those in the $200,000 to $300,000 income range — are departing at the fastest rate, she said.

New York State added millionaire earners at a consistent rate from 2010 to 2022, when it had 69,780 tax filers with incomes greater than $1 million and about half lived in New York City. There were 35,802 millionaire filers in 2010 in New York State.

California stayed the top home for millionaires every year over that period, with an acceleration of top earners in recent years. It had 42,090 such earners in 2010 and 128,900 in 2022.

New York State had more top earners than Florida and Texas over that period until 2022, when those states jumped ahead. Florida had 19,450 people with $1 million incomes in 2010 and 77,670 in 2022. Texas had 23,859 in 2010 and 73,930 in 2022.

Considering that Florida has no Wall Street and is famous as a retirement destination (people tend not to earn as much in retirement as when they were working full time), it’s a remarkable failure that New York State now has fewer people who earn more than $1 million/year than Florida does. Does that mean California is the most successful? The New York Times seems to be unable to adjust numbers for population. Florida had a population of approximately 22 million in 2022 while California boasted 39 million humans (plus or minus 5 million depending on how the undocumented are counted?). Florida thus had a higher prevalence of earners over the $1 million threshold (1 in 283 for FL vs. 1 in 303 for CA).

A photo from my Lower East Side-through Chinatown-to Wall St walk, August 19, 2025:

On the Upper East Side, on the other hand, a diverse crowd in a rainbow of skin colors waits in line to get into the renovated Frick:

Speaking of the Upper East Side, across the street from the north side of the Frick is Emmanuel Goldstein’s former townhouse at 9 East 71st Street:

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Support for Hamas among anti-Hamas New Yorkers

Except for a handful of Deplorables, New Yorkers whom I met recently were 100 percent aligned with Hamas in terms of what they’d like Israel and the Israel Defense Forces to do. At the same time they say that they are “anti-Hamas”. How does it work? Note that most of these folks are non-observant Jews whose principal current religion is expressing hatred for Donald Trump and contempt for Americans in “Red States” (they’re stupid and unproductive and survive only as parasites on the hard workers and heavy taxpayers in Blue States).

The New York Righteous say that, yes, Israel has the right to try to arrest or even kill Hamas fighters, but only if there is no possibility of injuring a civilian or a child. In other words, a Hamas fighter who keeps a child strapped to his chest would be permanently off limits. They accept at face value assertions that Israel is starving the Gazans, not noticing that the moms of the purportedly starved children have double chins. Here’s the most persuasive photo that CNN could find, for example:

One New York Jew in his 60s, despite being a 100 percent loyal Democrat and frequent spontaneous expresser of Trump hatred, seems to have found an area of agreement with Marjorie Taylor Greene of Jewish Space Lasers fame. He believes that Israel knows exactly where each Hamas fighter is located and has weapon systems capable of killing those fighters without harming anyone else. For reasons that aren’t clearly specified, Israel has chosen not to push the buttons in a control room somewhere that would result in the deaths of 100 percent of Hamas-affiliated Gazans. Israel is instead bombing and shelling Gaza for no reason other than Israelis enjoy killing civilians and making the noble Gazans suffer. So… he says that he is “anti-Hamas” but also that he is “pro innocent children” and that the IDF is free to fight Hamas so long as it does so in a way that no other military in the history of the world has managed to fight or win.

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