Happyjee t1_j9gtr9p wrote
One of the main culprit for rent increase, unfortunately is that the property taxes in Jersey City almost doubled last year
Akmaster87 t1_j9gxxrx wrote
Ding ding ding
The big real estate companies are still gouging renters, but let’s not overlook property taxes as a culprit too. Especially for regular landlords who need to keep up with their now doubled taxes.
scubastefon t1_j9hjrnq wrote
And for those that have abatements, they can still mark to the market but instead of all that additional rent going to the city, it goes into their pockets.
objectimpermanence t1_j9hqxid wrote
This just highlights the fact that landlords will generally seek to charge the maximum amount they can get in a particular market.
It doesn’t matter what happens with their property tax bill. They will seek the maximum rent possible given prevailing market forces.
If a similar tax increase happened in a market like Detroit, many landlords there would not be able to recoup the cost simply because their housing market is the opposite of ours in terms of supply/demand factors.
DeepFriedAsses t1_j9jebyi wrote
Can’t have landlords possibly “earning” a penny less! Let’s not pretend that every landlord isn’t seeking to milk tenants out of the highest possible rent amount. The main culprit is and always be a system that allows greedy people to hoard housing
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