Don’t forget labor costs have increased dramatically. Minimum wage went up the past few years with a (ultimately good) ripple effect.

Labor is a huge part of a buildings operating costs if you look at a condo or coop. Like 30-60% depending on age of building. Newer buildings have less repair costs so 60% isn’t hard to hit.

If it’s a “Luxury” building with concierge… yea costs went up quite a bit for 24x7 staffing. Even more if you’ve got indoor plumbing that needs a plumber, electrical, someone taking care of the trash, vacuuming the hallway etc.

NYC has also seen a wave of doormen unionizing so there’s upward pressure impacting us from there too. You get a lot more compensation across the Hudson.

Then add in inflation.