As a Jaynes Corp. ex-architect, I’m an avid reader of the three or four, full-length pictorial monthly and quarterly real estate magazines (free) on the “mansions of Santa Fe.”
Packed with top-of-the-line architectural photography, they detail one multi-million dollar Southwestern trophy home after another; lots and lots of ‘em. Several Bechtel-executive wives, I know personally, are involved in this industry, either as salespeople, or in some support function.
Not a single one of the owners, sellers, or buyers are ever legal residents of New Mexico … let that sink in. Usually, these fairy-tale residences are one of several held in different parts of the country or world.
Now we know for a fact New Mexico business in general suffers from a perpetual lack of venture capital. It boggles my mind that so much wealth is right at our fingertips, but state government has done absolutely nothing to encourage this level of vast capital resources to “stick around and invest.” In many cases, what also comes with it is a level of higher-skill management expertise as well.
As a sidebar, it is simply crazy to maintain a $17 billion permanent fund, with its rigid use-rules, when a one-time portion of that fund could be used for a transition to a completely zero-income tax regimen ─ a pro-growth tax regimen that would encourage these residence owners to become legal residents, who could contribute their capital and expertise to growing our state.
If anyone would like any of the current copies of these magazines, let me know. You’ll be shocked, absolutely shocked, by what you see.