Posted on: October 17, 2021 03:04 PM

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It s collateral time for the NYC mayor but cash flow is king

The NYC mayor took out mortgage loans over $600,000 using one of his Brooklyn rental homes racking up the debt to $2.5 million. This is on top of the $625,000 from another rental property also in Brooklyn. Part of the fund is used for renovations when they return back home from Gracie Mansion when the mayor’s term is over in 2 months. The mayor owns 2 homes in Brooklyn with each worth over $1.5 million with rental income from tenants to almost $50,000 per month on top of his $250,000 salary as the mayor. After his term is over, his pension is another hefty amount for life to live well. His campaign has another $185,000 I O U to various vendors. The mayor quoted during his daily briefing, “Everything got put on hold. Obviously, I intend to address that debt and put together the resources over time. It will take time, but I absolutely intend to address it. That’s what I’ve done in the past.”