When a cost goes up for all owners at once, this leads to everyone at once raising rent prices. 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.
No, it’s not. Currently taxes are not nearly high enough to impact the value proposition of doing that while you expect significant capital gains. Increased property taxes additionally lower property values and exactly counteract that. Those properties are not empty for funsies, their owners expect to make a profit doing that. With stagnating or falling prices and high taxes they will be quickly motivated to sell or rent, at a price a middle class or lower class person is actually able to pay.
You should try reading beyond the first sentence of a comment some time, it seems it’s not your strong suit as you’ve given up after three words the last few times.
When a cost goes up for all owners at once, this leads to everyone at once raising rent prices. 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.
Welcome to New York City. This is already the case.
No, it’s not. Currently taxes are not nearly high enough to impact the value proposition of doing that while you expect significant capital gains. Increased property taxes additionally lower property values and exactly counteract that. Those properties are not empty for funsies, their owners expect to make a profit doing that. With stagnating or falling prices and high taxes they will be quickly motivated to sell or rent, at a price a middle class or lower class person is actually able to pay.
Vast number of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied.
You should try reading beyond the first sentence of a comment some time, it seems it’s not your strong suit as you’ve given up after three words the last few times.