scubastefon t1_j9hjrnq wrote on February 22, 2023 at 12:43 AM

Reply to comment by Akmaster87 in Just got our lease renewal numbers. For a 12 month lease renewal, our rent will increase over 10%. I don't see how this is sustainable long term. by chazthetic

And for those that have abatements, they can still mark to the market but instead of all that additional rent going to the city, it goes into their pockets.

objectimpermanence t1_j9hqxid wrote on February 22, 2023 at 1:35 AM

This just highlights the fact that landlords will generally seek to charge the maximum amount they can get in a particular market.

It doesn’t matter what happens with their property tax bill. They will seek the maximum rent possible given prevailing market forces.

If a similar tax increase happened in a market like Detroit, many landlords there would not be able to recoup the cost simply because their housing market is the opposite of ours in terms of supply/demand factors.