▲ 805 ▼ Mamdani Threatens 9.5% Property Tax Increase if Wealth Tax Is Not Passed (www.nytimes.com) submitted 5 months ago by avidamoeba@lemmy.ca to c/news@lemmy.world 237 comments fedilink hide all child comments cross-posted from: https://sh.itjust.works/post/55502152
[–] Vorticity@lemmy.world 4 points 5 months ago (2 children) And you think land lords won't pass increased property taxes on to their tenants? I don't live in NYC so I won't give an opinion on this but landlords won't just eat increased taxes. permalink fedilink source parent hideshow 4 child comments replies: [–] porous_grey_matter@lemmy.ml 27 points 5 months ago No, in a market like NYC rents are already the maximum that the market can bear, and a lower percentage of property prices than elsewhere. Landlords in fact will eat at least part of the increased taxes because the only other option is to not rent the property. That's exactly why they're so upset about it. permalink fedilink source parent [+] iopq@lemmy.world -10 points 5 months ago (1 child) Property taxes are paid by the renters. Landlords don't have any money other than rent. This is a tax on tenants with extra steps permalink fedilink source parent hideshow 2 child comments replies: [–] FauxLiving@lemmy.world 8 points 5 months ago Landlords don’t have any money other than rent. This is a tax on tenants with extra steps The landlords that this is targeted against are not the slightly rich guy who owns an apartment building, it's people like Citadel LLC who has nearly $70 Billion dollars of assets under management, a large portion of which are rental properties. Those landlords have the money to pay the taxes. They own much more expensive properties, many of which are held empty and are limited in how much they can raise their prices indirectly, due to them already charging as much as the market will bear and also directly by Mamdani freezing rents. In addition, many wealthy people in NYC own expensive housing (including Trump) that they use and do not rent. permalink fedilink source parent
[–] porous_grey_matter@lemmy.ml 27 points 5 months ago No, in a market like NYC rents are already the maximum that the market can bear, and a lower percentage of property prices than elsewhere. Landlords in fact will eat at least part of the increased taxes because the only other option is to not rent the property. That's exactly why they're so upset about it. permalink fedilink source parent
[+] iopq@lemmy.world -10 points 5 months ago (1 child) Property taxes are paid by the renters. Landlords don't have any money other than rent. This is a tax on tenants with extra steps permalink fedilink source parent hideshow 2 child comments replies: [–] FauxLiving@lemmy.world 8 points 5 months ago Landlords don’t have any money other than rent. This is a tax on tenants with extra steps The landlords that this is targeted against are not the slightly rich guy who owns an apartment building, it's people like Citadel LLC who has nearly $70 Billion dollars of assets under management, a large portion of which are rental properties. Those landlords have the money to pay the taxes. They own much more expensive properties, many of which are held empty and are limited in how much they can raise their prices indirectly, due to them already charging as much as the market will bear and also directly by Mamdani freezing rents. In addition, many wealthy people in NYC own expensive housing (including Trump) that they use and do not rent. permalink fedilink source parent
[–] FauxLiving@lemmy.world 8 points 5 months ago Landlords don’t have any money other than rent. This is a tax on tenants with extra steps The landlords that this is targeted against are not the slightly rich guy who owns an apartment building, it's people like Citadel LLC who has nearly $70 Billion dollars of assets under management, a large portion of which are rental properties. Those landlords have the money to pay the taxes. They own much more expensive properties, many of which are held empty and are limited in how much they can raise their prices indirectly, due to them already charging as much as the market will bear and also directly by Mamdani freezing rents. In addition, many wealthy people in NYC own expensive housing (including Trump) that they use and do not rent. permalink fedilink source parent