No, this is just what the landlords say, like how they say raising wages would impact jobs. It’s just not true. Landlords already charge the maximum people are willing and able to pay, they can’t really pass those costs on. Just like how in fact companies hire based on how many employees they need to fulfil their contracts, and it’s only affected marginally by the wages.
When a cost goes up for all owners at once, this leads to everyone raising rent prices at the same time. There is no opportunity for a renter to jump ship to a cheaper property, they all went up. The maximum changed.
Yes, this will price out many people from being able to afford housing.
That would leave properties empty with high taxes, pretty bad financial decision for a landlord. Leaving properties empty to land bank works if they don’t have to pay anything but it would be ruinous in this scenario. They will lower prices.
Why not both?
Because a property tax hike only hurts the middle class
Are there middle class property owners in New York city?
I feel like middle class would all be renters there and upper class wealthy the only actual owners.
You have fallen for propaganda, this simply isn’t true.
Please enlighten me how a property tax increase doesn’t hurt the middle and lower class disproportionately. I’d love to hear this.
Someone replied fifty minutes ago with an answer. You have no interest in learning why you’re wrong, stop pretending to give a shit.
For everyone else, in NYC the middle class disproportionately rents. It is the wealthy who own.
Just like every other cost related to owning and maintaining a rental: property taxes get passed down to renters.
This tax hike disproportionately affects middle and lower class individuals.
No, this is just what the landlords say, like how they say raising wages would impact jobs. It’s just not true. Landlords already charge the maximum people are willing and able to pay, they can’t really pass those costs on. Just like how in fact companies hire based on how many employees they need to fulfil their contracts, and it’s only affected marginally by the wages.
When a cost goes up for all owners at once, this leads to everyone raising rent prices at the same time. There is no opportunity for a renter to jump ship to a cheaper property, they all went up. The maximum changed.
Yes, this will price out many people from being able to afford housing.
That would leave properties empty with high taxes, pretty bad financial decision for a landlord. Leaving properties empty to land bank works if they don’t have to pay anything but it would be ruinous in this scenario. They will lower prices.