OtherBarry3 t1_iuq4o0r wrote
20% seems high unless the LL is also trying to account for the next tax hike in 2023. But school & city taxes did indeed go up (school in Q3, city in Q4), you can check the taxes site.
My own rental looks like around 11% overall tax increase. I'm expecting to be priced out & move in the next 1-2 years. (I'm not in any sort of "luxury" building, those renters probably have higher increases)
upnflames t1_iuqydg8 wrote
The idea of being priced out in this scenario is a weird notion to me since it implies that other people will be priced in. High earners aren't going to come and pay Manhattan rents in JC because of taxes and people aren't as likely to buy a place with such high taxes. I'm thinking about buying a place next year and was considering JC till I started learning more about the tax situation. Now, it's far removed from the list. If prices were going up because of improvements and market shifts, thats one thing, but this is just poor city management.
It's more likely imo that prices stay about the same while values rapidly decrease. Rents may go up in the short term, but I'd imagine landlords will end eating a lot of the increases for at least a few years.
BeMadTV t1_iur781h wrote
>If prices were going up because of improvements
But look at the bike lanes.
Jahooodie t1_iuww3xg wrote
>High earners aren't going to come and pay Manhattan rents in JC because of taxes and people aren't as likely to buy a place with such high taxes.
The value proposition of JC has been torpedoed awhile ago, yet we still have rubes defending "twice the space for half the price" memes from circa 2006
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