You don’t understand basic economics. You are poor and blame everyone else and want others to needlessly suffer. There are several 100k homeowners in NYC that will have their mortgages raised by 9% and will be forced to sell their homes and displace their families. Rich people do not pay these taxes. They write them off under business expenses because all their homes are under LLC.
These types of taxes disproportionately hurt middle class. It’s doesn’t hurt lower class because y’all don’t own homes anyway but it increases the threshold for the buy-in so that some of yall can start building wealth with your first home but you ask for property tax increases so it keeps you poor. But ya blame the middle class some more.
Economists of all stripes agree rent control doesn’t work. A mere 2% think it has positive effects, according to a 2012 survey by the IGM Forum.
The analysis of rent control is among the best-understood issues in all of economics, and – among economists anyway – one of the least controversial. In 1992, a poll of the American Economic Association found 93 percent of its members agreeing that 'a ceiling on rents reduces the quality and quantity of housing.
Rent control isn’t rent freeze. But rent control is also a great thing, even if it, like many efforts to support the working class, is consistently derided by the capitalists.
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.
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.
Property tax is based on property values. Rich people have more valuable properties. Of the taxes we actually have, it’s one of the most progressive as it actually hits wealthy people more.
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.
It really sucks having so many useful idiots looking out for the people taking advantage of them.
You don’t understand basic economics. You are poor and blame everyone else and want others to needlessly suffer. There are several 100k homeowners in NYC that will have their mortgages raised by 9% and will be forced to sell their homes and displace their families. Rich people do not pay these taxes. They write them off under business expenses because all their homes are under LLC.
These types of taxes disproportionately hurt middle class. It’s doesn’t hurt lower class because y’all don’t own homes anyway but it increases the threshold for the buy-in so that some of yall can start building wealth with your first home but you ask for property tax increases so it keeps you poor. But ya blame the middle class some more.
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.
If the landlords could charge more, they’d already be doing it.
Not if paired with a rent freeze. Obviously. But you knew that already. You’re just here to agitate for the bourgeoise.
NYC renters have suffered enough. Why would you subject them to failed policies like rent control?
Rent control isn’t rent freeze. But rent control is also a great thing, even if it, like many efforts to support the working class, is consistently derided by the capitalists.
You are bad at agitating. Find a new mark, pussy.
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.
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.
Property tax is based on property values. Rich people have more valuable properties. Of the taxes we actually have, it’s one of the most progressive as it actually hits wealthy people more.