▲ 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
[+] RamRabbit@lemmy.world -8 points 5 months ago* (3 children) 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. permalink fedilink source parent hideshow 6 child comments replies: [–] Bronzebeard@lemmy.zip 12 points 5 months ago If the landlords could charge more, they'd already be doing it. permalink fedilink source parent [–] porous_grey_matter@lemmy.ml 6 points 5 months ago (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 2 points 5 months ago (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -1 points 5 months ago* (1 child) That would leave properties empty with high taxes Welcome to New York City. This is already the case. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent [–] chloroken@lemmy.ml 3 points 5 months ago (1 child) Not if paired with a rent freeze. Obviously. But you knew that already. You're just here to agitate for the bourgeoise. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world 0 points 5 months ago (1 child) 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. https://en.wikipedia.org/wiki/Rent_control_in_the_United_States#Commentary NYC renters have suffered enough. Why would you subject them to failed policies like rent control? permalink fedilink source parent hideshow 2 child comments replies: [–] chloroken@lemmy.ml -1 points 5 months ago* 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. permalink fedilink source parent
[–] Bronzebeard@lemmy.zip 12 points 5 months ago If the landlords could charge more, they'd already be doing it. permalink fedilink source parent
[–] porous_grey_matter@lemmy.ml 6 points 5 months ago (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 2 points 5 months ago (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -1 points 5 months ago* (1 child) That would leave properties empty with high taxes Welcome to New York City. This is already the case. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 2 points 5 months ago (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -1 points 5 months ago* (1 child) That would leave properties empty with high taxes Welcome to New York City. This is already the case. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] porous_grey_matter@lemmy.ml 2 points 5 months ago (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -1 points 5 months ago* (1 child) That would leave properties empty with high taxes Welcome to New York City. This is already the case. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] RamRabbit@lemmy.world -1 points 5 months ago* (1 child) That would leave properties empty with high taxes Welcome to New York City. This is already the case. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] porous_grey_matter@lemmy.ml 3 points 5 months ago* (1 child) 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. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] RamRabbit@lemmy.world -3 points 5 months ago* (1 child) No, it’s not. Vast numbers of empty properties in NYC are the current reality. This conversation will not be able to continue if demonstrable facts are being denied. permalink fedilink source parent hideshow 2 child comments replies: [–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] porous_grey_matter@lemmy.ml 4 points 5 months ago 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. permalink fedilink source parent
[–] chloroken@lemmy.ml 3 points 5 months ago (1 child) Not if paired with a rent freeze. Obviously. But you knew that already. You're just here to agitate for the bourgeoise. permalink fedilink source parent hideshow 2 child comments replies: [–] RamRabbit@lemmy.world 0 points 5 months ago (1 child) 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. https://en.wikipedia.org/wiki/Rent_control_in_the_United_States#Commentary NYC renters have suffered enough. Why would you subject them to failed policies like rent control? permalink fedilink source parent hideshow 2 child comments replies: [–] chloroken@lemmy.ml -1 points 5 months ago* 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. permalink fedilink source parent
[–] RamRabbit@lemmy.world 0 points 5 months ago (1 child) 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. https://en.wikipedia.org/wiki/Rent_control_in_the_United_States#Commentary NYC renters have suffered enough. Why would you subject them to failed policies like rent control? permalink fedilink source parent hideshow 2 child comments replies: [–] chloroken@lemmy.ml -1 points 5 months ago* 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. permalink fedilink source parent
[–] chloroken@lemmy.ml -1 points 5 months ago* 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. permalink fedilink source parent